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PAM Institutional Investment Focus - January 2011

14 January 2011

Will bond markets derail the equity advance?

"A united Europe is the guarantor for our peace and freedom. The euro forms the foundation of our prosperity. We have to strengthen the euro. Germany needs Europe, and our common currency, for our own well-being and also in order to overcome big challenges worldwide."

Angela Merkel, Chancellor of Germany,

in her New Year's address

Balanced outlook for markets early part 2011

A combination of easy monetary policies and slowly improving growth data underpinned equities during the second half of 2010. The MSCI World index rose by 11.7 per cent over the year, recouping the decline experienced in the aftermath of the Lehman bankruptcy in September 2008. While rising optimism regarding global growth in the coming year has driven both stock and commodity prices higher, bond markets are predictably less enthused. (...)

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