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Buxton unfazed by global market falls

Schroders head of UK equities Richard Buxton says he believes the current
stock market volatility is not the start of an extended correction in the
UK.

He says that the combined factors of a loss of confidence in China coupled
with some disappointing economic data from the US has ruffled feathers in
the US, China and emerging markets.

But despite some fall back in the UK he believes this is a short term
phenomenon.

He says: “We are unfazed by these movements in the UK as we believe this
represents only a short-lived dip in investor confidence. While it is no
doubt possible that we could see some further volatility, we do not believe
that this represents the start of an extended correction as the fundamentals
for the market remain strong.

“The corporate sector, for instance, is still in very good healh with
earnings momentum helping to support share price growth.

“In addition, business confidence and persistently high levels of cash are
helping to sustain takeover activity and speculation as is the ability of
private equity firms to access cheap capital.”

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