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Todays market environment is very tricky. Volatility is high and investors are expecting the worst: sovereign defaults in Europe, a double dip in the US and weakness in the banking sector. This all means severe stress on stock markets. And yet the microeconomic picture contrasts sharply with the current macroeconomic situation. Both in Europe and the US, companies are enjoying excellent fundamentals like historically high margins, robust balance sheets and abundant liquidity. Not to mention emerging market companies.
A COMPLEX MACROECONOMIC SITUATION
Soft growth in the US and Europe, more robust conditions in emerging countries and one major risk: the euro zone debt...
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