Stock stampede coming and it's no bull

A major bull run is under way in global stock markets, says the Capital Dynamics group, a fund manager with one of the most optimistic views of the market yet.

Managing director Tan Teng Boo believes that stock markets have bottomed "a few months ago" and that the global economy is on course to a V-shaped recovery.

"The global stock markets are on a major bullish reversal," he told reporters yesterday at the launch of a global unit trust fund.

Economic data in almost every part of the world, including the US, is beginning to look much more positive, he said. Yet, investor sentiment has continued to remain negative.

"I've never seen so much pessimism in my life. I want to go on the record as being bullish, amid pessimism," he remarked.