Mike Lenhoff: A sustainable recovery in the making - good news for equities
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April 06 2010

Commentary by David Fuller

Mike Lenhoff: A sustainable recovery in the making - good news for equities

My thanks to Tony Smith of Brewin Dolphin Securities for his colleague's Market Strategy letter. Here is the opening

They may have fallen shy of expectations but last Friday's Non-Farm Payrolls for March were a big deal because they provide one of the first tangible signs of a sustainable US recovery. Corporate profitability has been picking up, investment has picked up and now jobs are picking up. Also, both the non-manufacturing and manufacturing ISM surveys together indicate that the US economy's underlying momentum is improving, which is good for business confidence. It means more investment and more jobs

David Fuller's view Mildly favourable economic news is best. A very strong economic performance raises concerns of overheating and invites monetary tightening. This subject is also addressed in The Weekly View above.

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