Consolidation On The Cards

Having held a positive short-term view on markets throughout January, we are now turning cautious. Following strong gains since the start of the year, many markets look overextended and ripe for consolidation. We are neutral and would have to see a break above key levels of resistance before resuming a bullish short-term stance. Looking further ahead, we do not rule out a resumption of gains later in Q112, but do not foresee a sustained recovery back to H111 highs. Indeed, a challenging macroeconomic environment should keep investor sentiment in check over the coming

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