ARTICLE · 21 JANUARY 2015

International Equities

Moore Australia

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Investors in global equities have benefitted from rising corporate profitability and the falling Australian dollar.

AustraliaStrategy

Haris Argeetes

James Totonjian

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Overview

The MSCI World Index (ex-Aust) in local currency returned 3.40% over the six months ending 31 December 2014.

MSCI World (ex-Aust) Index (local currency)

Outlook

Despite a deterioration in the global growth outlook, US equities reached new highs in December as third quarter economic growth was subject to a sharp upward revision. Notwithstanding, company valuations remain stretched despite the positive fundamentals. The end of Quantitative Easing together with the prospect of rising interest rates is likely to limit any sharemarket gains.

European equities are also unattractive. Valuation metrics do not reflect the very poor economic fundamentals. Valuations in China appear cheaper, but downside risks to earnings remain high.

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