While global growth remains above trend, it is late cycle. We are modestly pro-risk, but our conviction is a touch lower. We keep a moderate overweight to stocks, but close our duration underweight and remain neutral on credit and cash.
This paper, written by Ian Hui, addresses MSCI's announcement of delaying the inclusion of China A shares in their benchmark Emerging Markets Index and discusses the relevant implications.
Chief Market Strategist Stephanie Flanders discusses Britain's place in the EU and the pre-referendum landscape and despite of how a vote in favor of remaining in the European Union is probable, a “no” vote in the coming UK referendum is a distinct possibility and is something investors should be prepared for.
And what if Britain does votes to leave? Short-term economic and market impact and longer-term consequences are also discussed. But the transition to a new set of arrangements would be messy and potentially very costly, not just for the UK but also its closest trading partners.
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