The opportunities in energy emerging from the late phase of the cycle

Whatever the reason, while each day brings some new distraction, over recent trading sessions equity investors have begun to focus on corporate earnings. Those earnings signals have continued to show strength in the global economy. Important signals are not, however, restricted to bottom-up company fundamentals. The Federal Reserve and the European Central Bank are sending out important signals and we are intently focused on inflation expectations, interest rates and US dollar exchange rates. Bring that all together - earnings, inflation and rates - and you start to build a sense of t...