Continued recovery in 2015 is tempered by concerns about the Eurozone, China and US$ strength.
•US 1Q GDP growth was only 2%. Recent US$ strength is raising doubts. But a rate hike is expected this year.
•China growth is slowing, weighed down by property and manufacturing but tempered by fiscal and monetary measures.
•Europe QE pushed bond yield down with a sharp fall in the euro, and 24 central banks have cut interest rates .
•Low energy prices are a plus for Asia Pacific and inflation, but expect volatility in 2015.