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ARTICLE · 14 JUNE 2013

Investment Outlook - June 2013

Smith & Williamson
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For each of the last three years both the global economy and equity markets have moved through short seasonal cycles, with a dip in economic data and market performance in the second quarter, followed by an upturn midway through the summer months.

United KingdomFinance and Banking
Jonathan Davis
Jonathan Davis
Christopher Bates
Christopher Bates

Investment review

Signs of faltering momentum

For each of the last three years both the global economy and equity markets have moved through short seasonal cycles, with a dip in economic data and market performance in the second quarter, followed by an upturn midway through the summer months. These cycles have tended to be triggered by specific global events – in 2010 by the first Greek crisis, in 2011 by the tsunami in Japan and last year by renewed fears about the future of the eurozone. Could suggestions that the Federal Reserve may begin to taper down its asset purchase programme 'within a matter of months' produce the same result in 2013? It looks possible after stock markets faltered and bond yields rose in many developed markets at the end of May.

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