Tilney Bestinvest CIO: What is driving our cautious positioning

While IMF global growth forecasts may have finally steadied after five consecutive semi-annual cuts, it is not to say that the global economy has stabilised and is set to normalise once again.

Relative strength in the yen and euro have proved to be headwinds for their respective domestic stock markets. This highlights that aggregate global growth remains weak, further reinforced by the fact that aggregate global GDP is the same as it was this time last year.  Our concern is that policymakers' myopic focus on trying to reboot economic growth is blinding them to the potentially damaging long-term consequences of their actions. A sharp rebound in the money supply has been driven by a dovish Federal Reserve, the expanded European Central Bank QE programme and repurposed Bank of...