We think the decline in the stock exchanges in May and June was a correction and not the start of a lengthy period of falling share prices. We believe the stock exchanges will rise in the second half-year, although with continued relatively strong fluctuations. The markets are very nervous, linked among other things to the national debt in some countries, the challenges facing European banks, the unemployment levels in Europe and the USA and the continued challenges facing the US housing market. Nonetheless, we do not think this is enough to stop the recovery we can see in the global economy. We believe in further “normalisation” and that the companies’ results will continue to improve.
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