Exposure rates of the Dorval Asset Management Range – 24th January 2020

The latest Markit business surveys – the famous PMI – suggest that euro area growth continues to stabilize at a moderate pace. 

Looking to other geographies, these stats do not point to a clear rebound either, apart from the UK, although this still remains to be confirmed. So on the basis of the recent stock-market rally, should we conclude that investors have fallen victim to some sort of cognitive dissonance? We set no store by this argument, as investors’ expectations have now actually become more realistic after taking an overly pessimistic trend for a long time.

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