Improvement in US macro data, including signs of stabilization in manufacturing sector together with some evidence of inflationary pressures make us feel more confident that the US economy can escape a recession for now, a positive signal for the rest of the world as well. The latest ECB’s measures also bolstered investors sentiment as the new set of cheap loans announced by the central bank are expected to have the most effect on the economy. We believe a modest US tightening cycle should not disruptive to financial markets as long as it remain in line with expectations. Challenges however remain high.
NOVACAP Asset Management
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