Developed markets still not expensive: Rothschild

Singapore

AS markets recover, developed-world stocks in the United States and Europe are still not expensive while bonds are, said Kevin Gardiner, global investment strategist at boutique wealth manager Rothschild Wealth Management, which has 21 billion euros (S$31.8 billion) in assets under management around the world, and under a tenth of that in Asia.

Excluding energy and mining, "profits are looking OK", he said. The US consumer is bolstered by higher incomes and is driving growth, while he has not borrowed recklessly to spend, Mr Gardiner said.