Equities tend to rally into year end, and particularly in years with US midterm elections. While this could easily be a statistical fluke, we also see fundamental reasons to buy stocks at this point and are now moving positive on the asset class on a tactical basis.
Without immigration, Europe's population is set to decline by around 10% over the next three decades. Japan's experience serves as a warning about the difficulties of managing public finances and expanding corporate revenues against that backdrop. So is Europe's situation sustainable?