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Summer of discontent within the year of validation

Market Review & Outlook August 2014 template client slide. Summer of discontent within the year of validation Portuguese Banks, Russia/ Nato , Iraq, Argentina Sufficient earnings growth and improving GDP growth But...equity markets expensive, volatility low

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Summer of discontent within the year of validation

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  1. Market Review & OutlookAugust 2014 template client slide • Summer of discontent within the year of validation • Portuguese Banks, Russia/Nato, Iraq, Argentina • Sufficient earnings growth and improving GDP growth • But...equity markets expensive, volatility low • UK growth remains strong, wage growth weak • In Europe a fragile recovery remains on track • Positive on Europe but dependant on ECB support • US growth is stable with good employment growth • Emerging Market challenges remain

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