Andrew Bell Market Quotations

Bond markets seem to have decided that perhaps there is a bit too much growth, not so much that they're fearful of a big break up in inflation ... but that central banks are going to keep chipping away at the foundations of cheap money.

The market's mood is that the economic outlook is probably going to continue to muddle through; that we've been through the worst that we're going to go through on the oil price, and equity markets are not that expensive,

The market is only trading on about 13 times this year's earnings, which is hardly suggestive of irrational euphoria, and growth is still coming in quite strongly. I think there's an expectation that there will be further bid activity during the year.

It's reasonable to assume that equity markets will make money this year. There's nothing like the end of an interest-rate cycle to get investors' juices flowing.

Markets are more confident that the central banks and G7 governments are determined to underwrite a recovery for next year. As the shockwaves of last month's events subside markets are backing that with a bit more confidence.