The rally in stock markets is neither surprising nor without foundation.
Economic data has been less fragile than feared, the ECB has partially back-stopped the euro area banks, and valuations are still subdued. At Barclays we still favour a modestly pro-risk tactical stance in balanced portfolios, and would use setbacks to add to positions in developed equities and high-yield credit.
We noted in February that 2012 could well be "another year of living dangerously". There...
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