Our Q2 Big Picture View

It is important to note some broad highlights as we move into the Second Quarter of 2013; a) Growth in Europe has disappointed and the Euro Area remains in its second recession in five years; b) the most dramatic recent market development has been the sharp depreciation of the yen in the face of the new administration’s insistence on much more stimulative monetary policy; c) Chinese policy makers made modest tightening moves intended to take some steam out of the property markets and credit growth.  Neutral policy and relatively stable growth with inflation around 3% means China will stay an engine of growth.

These 2nd quarter highlights and more are discussed in our in-depth review of the last quarter and thoughts for moving forward through into 2013.

PDF image 2nd Quarter Big Picture View