is what we're watching with trading
underway in London the second quarter
has begun and investors are still
believers in the reflation trade global
equities firm awhile in currency action
the rain is back under pressure still as
a calendar flips to April a host of
market moving events confront investors
these include france's presidential
elections and the opening salvos of the
UK's divorce from the EU but equity
markets reflect the prospect of a
sustained recovery in global activity
downplaying the risk of central bank
policy surprises and the question of
whether companies deliver better
earnings growth above all investors will
remain fixated on the Trump trade namely
whether the administration can work with
Congress and deliver on tax cuts and
fiscal stimulus that have bolstered us
and global equities since November all
told investors still have cause to
remain positive but valuations
particularly in the US are lofty hence
the likelihood that the recent rotation
that we've seen into e.m and eurozone
stocks only accelerates further in the
second quarter