In light of the dramatic collapse in stock markets this month, many ‘Chicken Little’ investors are anxiously fretting that the sky is about to fall in again. To us, however, the most likely outcome is that a new worldwide recession is not imminent. In fact according to the IMF only last week, global GDP is predicted rise 3.4% this year and 3.6% next (vs 3.1% LY), supported by resilient consumer spend, improving European labour markets and continued low unemployment in the US (5.0%) and UK