We are now at the point of the year when markets have often found reasons to be cheerful, rather than fearful and the economic backdrop, and a strong earnings season certainly help sentiment.
Politics remains something of a dark cloud, not least geopolitical risks. Overall though, the backdrop for markets is supportive, and there is scope for a further grind higher.
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We’re still happy to not add to our market exposure however; given current valuations we do not feel this is the time to add risk to our portfolios given the strong run in markets we have seen with barely a pause for breath.
Anthony Willis is an investment manager in the BMO Global Asset Management multi-manager team
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