GLOBAL - A recovery in equity values is still far from certain despite some recent global rallies, Pictet Asset Management warns.
Head of asset allocation Mike Collins said events over the next two months would determine whether the global economy “sinks or swims in the first half of 2003”.
He added: “Conflicting forces are at work in the global economy – balance sheet restructuring is exerting a downward pressure on demand.
“The recent rally in equities has sparked an improvement in confidence but we are unlikely to see a sustainable rally until economic data dispels fears of a more protracted period of economic weakness”.
Collins said he saw “a glimmer of hope for Europe” due to lower share prices which meant improved valuations.
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