Exploring relative value

Callum Henderson, Standard Chartered

Risk assets found a floor in October and rebounded as a result of three main factors: reduced fears of global recession, policy action in Europe and positioning.

Firstly, US economic data has been improving, culminating in upward revisions to the non-farm payrolls. While US growth remains anaemic, it is not in recession. As such, economists have been revising up their 2011 real GDP forecasts for the US; in our case, from 1.6% to 1.8%.

Secondly, the Euro Summit in October reached agreement on a

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