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Through a glass darkly: predictions for H2 2016

H2 will be worse than H1 for equities. So it's still wise to use rebounds to lighten up on risk - not add to it

AT LEAST 10% LOWER: Earnings for US industrials, financials and tech have started to flatten out or even fall. As the earnings recession deepens later this year, US stocks will follow downwards.

I'M STILL bearish. Rewind to our conversation from January. I warned that this would be a bearish year for equities. And that the second half would be worse than the first half. I said then there was still some life in equities markets in H1, but to use the rebounds to lighten up on risk - not