aujourd'hui

2017 was a vintage year for global equity markets, with indices delivering strong double-digit returns in dollar terms. Markets have heavily discounted future earnings growth and some stocks have been pushed up to lofty valuations. As a result, markets have essentially ‘brought forward’ or front-loaded much of 2018 returns into 2017. By extension, 2018 looks like being a much tougher environment for equity investors to navigate.