SWISS private bank Pictet is maintaining its view that developed market equities - mainly from the US - should be the best performers this year, whilst bonds are to be bought as protection in case of major upheaval.

At a press briefing yesterday, Pictet Asia's chief investment officer Bhaskar Laxminarayan said US data shows that plenty of new jobs are being created and this will translate into enhanced spending, thus ensuring that the US recovery is well on track.

"We still believe this is a US-led recovery story. It's not Europe-led or Japan-led, or for that matter a crisis situation in emerging markets. It is a one-sided story of the US leading the recovery process. Emerging markets are stabilising but not adding to growth yet," said Mr Laxminarayan.