Despite the fact that we have had oil price go up to $64, it hasn't derailed corporate profitability, which means that companies are actually finding other ways to become more efficient. |
In the U.S., there are worries there may be a big overshoot (in rates). Earnings are coming in better than expected though so in the long term we are positive on equities. |
It is partly seasonal but we are seeing a pull back slightly earlier than we normally would. |
The main fear that inflation remained strong and the Fed would be worried by it hasn't materialized and markets are relieved. |