Strategy: The global recovery - glass half empty or glass half full? - Danske

• We now expect the Fed to hike next week (previously June) followed by two additional hikes in 2017. 
• Equity markets have taken another leap higher as we had called for.
• However, fixed income and oil markets seem less bullish on long-term growth prospects, as the yield curve has flattened in the US and the oil price has plummeted. We expect equity markets to lose some momentum in coming months. 
• However, an emerging capex boom could provide further momentum for equity markets in coming months.