As stocks smash all records, money managers say: get used to it

Money managers say equity markets to keep rising in second half of the year & many investors look overseas for returns.

As stocks around the world continue to smash one record after another, some of the world’s biggest money managers have a simple message: Get used to it. The likes of BlackRock Inc., State Street Global Markets, UBS Asset Management and JPMorgan Asset Management expect equity markets to keep rising in the second half of the year, with many investors increasingly looking outside the U.S. for more returns. Globally, the asset class’s allure amid a continued economic rebound is proving too hard to resist, even though the MSCI All-Country World Index has already sailed 12% this year to an all-time high. While some market players caution about risks of a dip given punchy valuations, the sharp bounce in corporate earnings and strong central bank support are expected to keep the rally alive.