October 24, 2016 - The preliminary October business surveys are encouraging which showed eurozone growth at its strongest this year while Japanese manufacturing conditions improved at the fastest pace since January. U.S. manufacturers also started the fourth quarter in strong fashion with increasingly widespread optimism that demand will pick up after the election. This synchronized improvement in three major economies bodes well for future global economic growth and corporate profitability. The start to third quarter earnings season has also been positive with 79% of S&P 500 companies beating analysts estimates so far. This supports our overweight of developed world stocks.
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