Macro uncertainties provide attractive yield opportunities

ON UK GROWTH

Standard Life Investments' Edward Legget believes macro volatility offers strong buying opportunities.

Since the market bottomed in 2009 there have been two consistent themes: top-down macro uncertainty and a strong and consistent recovery in corporate earnings. From a top-down perspective, economic data would suggest the global economy is experiencing a ‘soft patch’. At the moment, it is difficult to ascertain whether this a lagged feed-through of higher oil prices and supply chain disruption post the Japan tsunami, or a broader-based slowdown in growth. The market looks set to be range-bound for the next few months as investors wait for economic data to provide more clarity on the direc...