10 Jun Shares climb a “wall of worry” – but is it sustainable?
Key Points:
- The strong rally in shares since their March lows reflects a combination of economic reopening, signs of recovery, policy stimulus and once pessimistic investors closing underweight or short positions.
- Shares are vulnerable to a short-term consolidation or pullback. But if we are right, and April was the low in economic conditions, then shares are likely to be higher on a 6 to 12-month horizon.
