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ARTICLE · 05 APRIL 2011

Outlook – April 2011

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

United KingdomFinance and Banking
Smith & Williamson
Smith & Williamson

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 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 have been very explicit in acknowledging that the generation of equity wealth effects was the cornerstone of their QE2 programme.

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