Second Quarter 2018
certainly not the only one. The synchronized global recovery from 2017, which provided a solid growth environment with minimal volatility, seems to be fading. A flare-up in Italy in May brought back nightmares of the European debt crisis, while emerging markets (notably Argentina and Turkey) had a brutal quarter and concerns about China’s indebtedness crept back up. These are the types of developments that markets generally ignored in 2017 but so far have appeared to
be evaluating a little more closely in 2018. So far this year investors are signaling they are beginning to get nervous on China: the Shanghai index is down 17% year-to-date.
Chief Investment Officer
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