Global markets in a correction phase: Nick Parsons

After a surge of positive news out of central banks over the last few weeks, markets are once again starting to focus on economic realities and corporate earnings. Nick Parsons, head-market strategy, National Australia Bank, feels that markets are coming off the "sugar high" created by central bank actions. He expects markets to continue to correct in the near term but does not expect a very steep or sudden correction. He also expects the Euro to remain range-bound.