Are there cracks in the bull case as Q1 sounds wake-up call?

Shift in mood needs to be noticed

Investors will probably use the Easter break as a time for reflection after what has proved an eventful Q1.

At the start of the year, the bulls seemed to be on solid ground as global equity markets hit fresh highs, buoyed by a series of better-than-expected data releases and stronger expectations for global growth. However, some heeded warnings about too much complacency in markets, and protection policies proved their worth as markets sold off in February and volatility returned with a vengeance. But how has this reality check impacted sentiment as we move into Q2? Undoubtedly, there has been a shift in mood, according to the well-followed Bank of America Merrill Lynch (BofAML) Global Fund...