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No One Way Bets 

May 20th, 2024 

  • We still worry about US stagflation

  • We remain positive on European equities - lower inflation helps

  • Chinese equities challenged by weak data, but government action in the real estate sector provides support

  • Japan disappoints on growth but equities helped by reform 

  • NVIDIA quarterly results likely to show that growth momentum maintained

  • Old economy (Copper and utilities) ride the coat tails of tech



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