LONDON (Reuters) - The current rally in stock markets “has the chance to be a new bull market,” says high-profile hedge fund manager Crispin Odey, founding partner at Odey Asset Management.
In a note to clients seen by Reuters, Odey said: “in little over a month much has changed,” following a sharp rally in stocks led by banks and base materials.
Odey owns shares in banks such as Barclays and said he believed the bull market will extend from the banking sector “to encompass other industries where capacity has been sufficiently reduced as to allow pricing power to come through.”
(Editing by Elaine Hardcastle)
Reporting by Laurence Fletcher