LONGER TERM
Neutral/Bullish
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Financial markets have enjoyed a strong start to 2015 and the global macro environment remains supportive for risk assets, and equities in particular. World economic activity is gradually strengthening, but will remain below its long-term trend for some time due to a number of factors. In addition, growth is increasingly diverging, with some economies improving – most notably the US – while others struggle. Low inflation and the threat of deflation in some countries remains a dominant theme. We believe the cyclical bull market for equities is intact thanks to this helpful macro background, together with reasonable valuations and a broadly stable earnings outlook.
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