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ARTICLE · 12 MAY 2011

Market Outlook

Smith & Williamson
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Considering the array of events encountered in Q1 2011 (North African turmoil, allied intervention in Libya, surging oil prices and the Japanese earthquake and tsunami) equity markets have displayed remarkable resilience.

United KingdomAccounting and Audit
Hellen Dalton-Barrett
Hellen Dalton-Barrett

World

Global equities – admirable resilience but more tests to come

Considering the array of events encountered in Q1 2011 (North African turmoil, allied intervention in Libya, surging oil prices and the Japanese earthquake and tsunami) equity markets have displayed remarkable resilience.

The principal driver behind this resilience has been liquidity. At a corporate level, strong balance sheets and free cash flow generation have delivered a pick up in dividend payouts, stock buy backs and merger and acquisition activity. At a macro level, negative real interest rates and steep yield curves have also been supportive of risk assets. Also, the Federal Reserve has been very explicit in acknowledging that the generation of equity wealth effects was the cornerstone of their QE2 programme.

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