Recovery Taking Hold
Commentary
Boosted by strong growth in China, a global economic recovery is clearly taking hold. Although different regions demonstrate different growth profiles and economic strengths, around the world, business cycles and economic indicators are converging strongly on the side of recovery.
Perspective - Third Quarter, 2009
► A synchronized global economic recovery is clearly taking hold
► China and emerging markets are leading with U.S. one step behind
► Corporate profitability is improving on lower revenues and cost-cutting
► Moderate growth, rising profitability and easy money all good for equities
► We continue to emphasize emerging markets, dividends, corporate bonds
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