and we would expect earnings growth of 5–8% over 12 months.
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leading to further downside for Swiss financials and the exportfocused
helping to support China's economic growth outlook for the second half of 2012 and into 2013.
while Singapore's economy is rebounding and corporate
and risks related to the Eurozone debt crisis subside. In this
allowing multiples to expand and triggering the outperformance of
extension of Operation Twist by the Fed and a rising likelihood of a rate
and the European recession turns out to be worse than currently
a rally in high yield bonds and a return to pre-crisis spreads of about
the AUD and NZD weakened within ranges from March to May. We expect
and should recover on the back of better risk sentiment. We
the main focus lies on Spain and on potential ECB
and should allow the Brent price to stabilize in the USD 80.5 - 90/bbl range (WTI
600/mt in order to weigh on scrap supply and compensate for
we maintain our preference for US REITs due to stable fundamentals and like