Markets are breaking out

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• We focus on why global equities have decisively broken out on the upside of a two-year trading range
• Importantly, the rally is broadening to other assets, like gold and property
• Rising asset prices, easing financial conditions and rising business confidence provides stimulus for global growth
• We believe there are risks related to equity valuations of the ‘Magnificent Seven’, a return of inflation and rising geopolitical uncertainty