Here are the key points from the latest PortfolioDirect investment report. There is no progress to report on the cyclical front as signs of weakening growth in the USA are not being offset by sufficient improvement in Europe or the developing economies. Downside growth risks continue to lower the chance of a 2015 growth acceleration and delay commodity market rebalancing. Markets are losing the certainty of a Fed-led recovery resulting in more volatility - for bonds, oil, gold, exchange rates as well as equities - and some consequent loss of direction. Pure exploration is battling to attract support in the face of dwindling cash reserves and too few exploration successes to attract risk money - which is going in the direction of biotech globally. There were no changes to the portfolio recommendations. (VIEW LINK)