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  • Here's what we're watching.

  • We're trading under way in London.

  • The second quarter has begun, and investors are still believers in the reflation trade.

  • Level equity's firmer while in currency action, the rand is back under pressure.

  • Still, as the calendar flips to April, a host of market moving events confront investors.

  • These include France's presidential elections, and the opening salvos of the UK's divorce from the EU.

  • But equity markets reflect the prospect of a sustained recovery in global activity.

  • Down playing the risk of central bank policy surprises and the question of whether companies deliver better earnings growth.

  • Above all, investors will remain fixated on the Trump Trade.

  • Namely whether the administration can work with congress,

  • and deliver on tax cuts and fiscal stimulus that have boasted US in global equities since November.

  • All told investors still have calls to remain positive.

  • But valuations particularly in the US are lofty.

  • Hence the likelihood that the recent rotation that we've seen inter EM and the Eurozone stocks only accelerates further in the second quarter.

Here's what we're watching.

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