David Fuller's view I would listen to this short video interview with Angel Gurria of the OECD, if you have not already heard him speak on the subject because the implications are important, not least for multinational companies.

For years multinational companies, particularly the powerful Autonomies, have been very successful in legally avoiding taxes, to the benefit of their profits, bonuses and dividends. Mr Gurria is saying that the regulators are catching up and there are now 120 countries which have agreed to cooperate on tax avoidance issues.

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How well this will work remains to be seen. Nevertheless, it is certain that some tax avoidance windows will be closed. Where companies are required to pay more taxes, we can expect a short to medium-term dip in the rate of their earnings growth. This is another factor likely to contribute to the somewhat choppier stock market performance that Fullermoney continues to expect over the medium term.