The exhilarating pace of the recovery trade in financial markets has raised the risk that it will soon run out of fuel or hit a roadblock – but Jan Loeys, global head of asset allocation and alternative investments at JPMorgan, remains bullish.

“The rally has been driven by economic activity data and earnings coming in stronger than most expect; by reduced economic uncertainty; and by the pain of earning no return on cash,” he says. “Each of these forces remains in place.”