Outlook and strategy
October was a positive month for global equity markets, with the S&P 500 rising 2.3%, the MSCI Emerging Markets index up 3.9%, MSCI Asia-ex Japan doing a little better with a 4.2% rise, and most impressively, Japan’s TOPIX index up 5.4% (all returns in local currency). Two contributing factors to this uniformly bright picture were widespread strength in corporate earnings (JP Morgan reported that global corporate EPS growth is currently growing at 13.8% year-on-year), and the continued broad based strength in global macroeconomic data.
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