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Investors are moving money from bonds to stocks on growing confidence about the US economy. Hence, the US stock market has been performing well. There may be a concern that inflation may return, which triggers investors to take more risk on holding equities. There is even a　speculation that US Federal Reserve may have a rate hike earlier than expected. The encouraging news is the economy is indeed improving, with most of the U.S. corporates hitting record earnings for year 2011 and the outlook from most CEOs is relatively positive towards the global economy. Even US banks and financial companies are starting to rebound with increasing dividend payout and stock buybacks. Unemployment figures also dropped to around 8%. There is a clearer sign that US is leading the global economy to recover gradually but slower.

On the European side, the noise of the concern for European debt crisis is not as loud as that of last year. The problem has not been solved much but it may be like a rollercoaster that the problem will be placed on the table again every once in a while. Overall, many believe that worst is over as the European Central Bank injected liquidity through its Long-Term Refinancing Operations, which is welcomed by the market.

Most analysts are talking about a hard landing in China, however, we see it as an excuse of investors for correction. If there is any correction in emerging countries not limited to China, we foresee that it will be minimal and shallow, but will offer buying opportunities.