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September 2017 Vol.22 No.9


Behind the numbers

The second half of 2016 saw stocks in Asia return to relatively attractive valuations and there was even the possibility of an upturn in the earnings cycle, which has continued into the first half of 2017. However, the election of US President Donald Trump and the result of the UK’s referendum to leave the European Union were just two examples of political uncertainty globally in the last year. While equities performed well, pessimism grew globally towards government bonds

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