Will investors remember 2017 for the wrong reasons?

Political and market shocks

An increasing number of market participants are seeking to call the top of the equity market for this cycle.

With valuations both in equity and credit markets giving cause for concern, investors are holding more than a comfortable level of cash while waiting for a 'better entry point'.  The sentiment is understandable given the newsflow over the 'quiet' summer months.  We heard from the International Monetary Fund downgrading its forecast for UK GDP.  The US Food and Drug Administration announced its strategic vision "Envisioning a world where cigarettes would no longer create or sustain addiction", hitting the quoted tobacco sector hard both in the UK and US markets.  Brexit negotiati...