海外研报

Sharp Pullback But Not There Yet

Equitypositioningisdown butnotlow, Even afterthe sharp drop this weekoverall equitypositioning is still well above average. it is also slightlyabovelevels implied byQ2 earnings growth which looks to be tracking just above10%so farthisseason, leavingroom

EURO CRISIS 2.0 – THE “CRISIS” AT THE CORE

There is talk of a new euro crisis, this time centred on core EMU countries like Germany and France. This fear is unwarranted. While low interest rates stimulated the EMU core during the