After the enthusiasm at the start of the year, the market has turned back again.
The reasons cited are many and varied; but perhaps there were sufficient reminders to investors that the eurozone crisis has only been staunched, rather than stitched. Greece goes to the polls on 6 May, and that may re-open Pandora’s box. As for France, President Hollande, anyone? At least present President Sarkozy is in favour of austerity – for everyone except France. In short, the great euromess is far, far from over. Against this the US continues to offer evidence of further recovery. The advent of cheap domestic energy, and labour being more competitive (versus the wage inflation...
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