Optimism is consensus, but that’s ok for now - Jan. G3 Leading Indicator Watch
- US: Growth remains resilient with moderate upside risks on the back of a renewed fiscal impulse, continued Fed easing, and early signs of a manufacturing rebound.
- China: Our growth impulse leading indicator has rolled over, while liquidity tailwinds are fading at the margin. We still like Chinese tech equities.
- Eurozone: Cyclical leading indicators continue to recover. However fiscal optimism is already consensus. We are shifting our short EUR exposure to long NZD.
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