December 15, 2014 - Headlines Summary: Stocks had their worst week in more than three years with investor concern centering on falling oil prices and weak global demand for oil. Oil is down 46% since hitting its June peak, driven by increased supply from U.S. shale oil and weak demand growth, particularly from emerging markets (EM). We see lower oil prices boosting global GDP in the coming quarters, resulting in higher consumer confidence, better retail sales (ex-gasoline) and lower inflation. Low inflation will also allow central banks to remain highly accommodative with monetary policy. We remain underweight EM and continue to see poor fundamentals in many EM countries. Click here for the full Weekly Bulletin.
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