Markets continue to push higher despite an occasional day of volatility on the back investor mood swings. Many fear factors have influenced the latter in recent months – ranging from growth concerns to (geo-)political risks, oil price volatility and Fed hike worries – but none of them has really become entrenched in investor mind sets. Key in this respect has been that the underlying macro and earnings fundamentals have actually continued to improve and none of these fear factors has created a persisting negative feedback loop into the real economy. Actually, the opposite has happened with asset class returns continuing to trend higher (see below), financial conditions for global companies and consumers easing further and policy makers supporting both market and real economy sentiment by further easing measures.