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    • Raising the bar! Mid-Year Outlook Update - June 2015

      2015 Outlook: We expect GDP growth to accelerate in 2015 and 2016, favoured by healthier domestic demand in Europe and in the US. A cyclical uptrend in the developed world could favor the turnaround in Emerging Markets, with easing downward pressures from China and a possible breakthrough of reforms in some key countries.
    • Economic Outlook and Investment Strategy - May 2015

      Our economic outlook is based on a return to growth potential of the global economy, with converging growth rates between developed and emerging countries. Monetary policy is expected to be accommodative, although central banks’ actions will likely not be synchronized. Inflation should also remain contained, with deflation seen as a tail risk event. The current economic environment of low growth, low inflation and loose monetary policies advocates for low volatility and low bond yields. This scenario, coupled with positive expected earnings growth, should be supportive for risky assets.
    • Quarterly Global Outlook-October

      During the summer we downgraded the growth outlook from par to subpar. The positive readings on the US economy did not compensate for the slowdown of Japan and Eurozone economic growth. According to our forecasts, the global economy should grow at 3.4% this year and at 3.8% in 2015. Next year, growth figures should improve in the main economic areas, with the exception of China, where GDP targets will likely be officially revised downward.