The unravelling of US exceptionalism in stock markets since Donald Trump returned to the White House on 20th January has been mainly driven by concerns about the US’ dominance of AI and the relative health of its economy (which has also dragged down Treasury yields and the greenback). We aren’t minded at this stage to alter our key equity and bond markets forecasts for the US. However, we recently revised our equity market projection for China. And we are now altering our equity and bond market ones for Germany given the prospect of much looser fiscal policy there, as well as our forecast for euro/dollar.
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