Global Economy Muddles Along

The United States and emerging markets still stand out to us as relatively more attractive investment opportunities than developed international markets, based in large part on relatively stronger outlooks for economic growth and corporate profits. The outlook for emerging markets depends on trade, but if the progress we expect later this year and in early 2020 materializes, we would expect the impact on emerging markets economic growth and profits to result in higher stock prices. Meanwhile, we will continue to watch for signs of improvement in Europe and Japan

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