Yield and the real world outlook

As we enter the second quarter of 2014 we find the ASX only at levels we reached back in October 2006 … what’s dragging equity performance?

After the euphoric rise in equity markets in the 2013 financial year, it would seem logical to expect that we would now be witnessing clear signs of a strong global economic recovery.

But, alas, there is not much of an economic recovery happening and, on reflection, it seems markets in 2013 got a little ahead of themselves. Then again, markets were responding to historically low interest rates and the so-called quest for yield.

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