This assessment follows recent global economic analysis released by London-based Threadneedle.

Mr Burgess says the US is a relative bright spot in a three speed macroeconomic environment whereby Europe remains constrained by deleveraging, China is seeking a soft landing and emerging economies are leading global growth prospects.

“Among equities, the US is our favourite in the developed market. The US banking system has repaired itself far more quickly than its European counterparts, with the recent stress tests arguably marking the end of the financial crisis in America. This provides one of the necessary conditions for economic recovery and we expect the better tone in macro data to be maintained at least up to November’s presidential election.

“On a longer-term view, fiscal drag could reduce (US) GDP growth by 1.5% p.a. over three years from 2013. However, this will be somewhat offset by the advantage of cheap domestic energy, which is likely to support an industrial renaissance in the US in the coming decade.” he said.

To read Threadneedle’s full investment strategy, please click here.

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