Newell Palmer August 2009 PDF Evaluating the Recovery 

• The global and Australian sharemarkets have rallied around 40% from their March lows in anticipation of an earnings recovery. Matthew Sherwood, Perpetual’s Head of Investment Market Research evaluates the recovery and finds that although economic growth should improve in H2 2009, markets appear to be experiencing valuation fatigue and will need analysts to upgrade FY2010 and FY2011 earnings to move higher.