October 14th, 2024
The urgency for US Fed fund rate cuts dissipates.
US growth and inflation data continue to surprise to the upside modestly.
The Chinese authorities tell a good story about providing support for their economy.
Should China follow through on its reflation initiatives, we expect global stock market leadership to shift to the cyclicals
There is room for outperformance from developed market cyclicals and consumer stocks linked to China.
Europe can only hope for an acceleration of rate cuts in the absence of looser fiscal policy. The ECB will deliver 25bps this week.