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Financial directions - Favourable prospect for corporate profits.
(From Financial Director)
Byline: Graeme Johnston.
Economic background
The sluggish state of the US labour market has led to lingering concerns as to whether expansion can be sustained. Many commentators have suggested that, as growth moderates, inflation could remain at low levels and that any pressure to raise interest rates this year would vanish. This analysis took something of a knock during April with the release of some US economic numbers - a sharp rise in payroll employment and an upward blip in core consumer price inflation.
While rising interest rates can also prove difficult for equity markets, the current robustness of the global economy continues to fuel strong growth in corporate profits.
Equities
The effect of economic news on equity markets was less clear. Although the prospect of higher interest rates was unsettling, an encouraging set of Q1 company results provided some offsetting support. The FTSE World Index fell by about 1% in local currency terms, driven mainly by a weak US market. However, regional indices in the UK, Europe and Japan all ...
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