Turnill: Next phase of bull market driven by earnings

The next leg of the bull market in global equities will be driven by earnings, says BlackRock's Richard Turnill.

The firm's head of global equities says while markets have marched smartly since the spring, valuations are still low compared to a year ago and remain attractive compared to other asset classes. "Progress since April arose as investors re-adjusted from a highly risk averse attitude, to a more normal stance," says Turnill. "We believe the next leg of the bull market will be driven by earnings. The earnings cycle has already bottomed out but expectations of earnings growth remain stubbornly pessimistic. So we should expect positive earnings surprises right across the market." Turnil...