US Economy is Strong but Stock Prospects are Not

Finding attractive investment opportunities is getting harder, says Canada Life's David Marchant, but European equities still contain some value

External Writer 26 July, 2017 | 3:07PM
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Morningstar's "Perspectives" series features investment insights from third-party contributors. Here, David Marchant, CIO of Canada Life Investments gives his stock market outlook for the second half of 2017.

With less dovish tones starting to emanate from central banks globally, relatively high valuations across equities and a cooling off in the London property market, it is safe to say that we are not spoilt for choice in terms of attractive opportunities.

That said, global economic growth remains ok with China surprising on the upside and the Eurozone maintaining its strong momentum, with strong Purchasing Manager Index (PMI) readings across both manufacturing and services. Inflation also appears to be rolling over in both the UK and US whilst, for the time being, monetary policy remains supportive.

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