Every indexed document

” resulting in a tidy tax savings. The White

the value of a minority share in a business — when transferred

It tells you where we think the stock market is headed and why. This

The Financial Futures Association of Japan

but assuming that fears around Cyprus contagion pass in a month or

it is also true that the required premium should probably be far

so carries no risk premium for contagion. The

driving European rates higher. The currency is

half-truths and falsehoods. There are indeed some

with European Financials underperforming as

we view Cyprus as a local problem that we address by

as evidenced by the disparity in buying flows in 2011-

and inflation concerns are concentrated on two countries

which continue to benefit from US corporates

as capital inflows and rising growth expectations (chart of right) are

fiscal and structural measures. The strong control of the

there has been no reason yet to raise the growth profile for

comfortably up from the dismal 1.6% in Q4 of last

we are seeing no momentum either way in global growth

was due to a gradual fading of tail risks