Alexandre Gauthy is senior portfolio manager & FX market strategist at Indosuez Wealth Management, Luxembourg. (Photo: Indosuez Wealth Management) Earnings growth could propel Wall Street to new highs by December, provided that long-term interest rates ease. This upturn could finally benefit those shares that have been left behind in the rally. During the first week of October, the two leading US market indices, the S&P 500 and the Nasdaq, reached new highs. However, following a pause that began in late May, equity markets were held back by rising long-term yields, which weighed on valuation ratios. At present, US equities are trading at less than 19 times expected earnings, compared with nearly 23 times at the start of the year.
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