Paul Niven
Paul Niven
backdrop oil price stocks strong terms value
Oil stocks are still not discounting as strong a backdrop for the oil price as we anticipate, so we still think there is some value in terms of the oil price.
clearly current equity far markets relatively run short slightly terms vulnerable
Markets are slightly vulnerable in terms of current positions. Equity markets have clearly run relatively far in relatively short order.
continuing provide strong support
The caveat is liquidity and M&A activity, which is continuing to provide very strong support for the market.
acting china despite economic levels low move rates reduce signals
The move is significant in the sense that it signals the authorities in China are now acting to reduce rates of economic growth, despite low levels of inflation.
banks central global sign
For markets, this is another sign that concerted tightening by global central banks is progressing.
combined cycle earnings equity moderation momentum peaks rate rising signal volatility
Historically, peaks in the U.S. rate cycle combined with rising equity volatility and a moderation in earnings momentum all signal U.S. equity performance.