” We think the positive environment for risk assets can and will last over the next 3-6 months. And this is not because of a strong economy, as we foresee below potential global growth over the next year and are below consensus expectations. Overall, we continue to see data that signal that world growth is in a bottoming process. With most countries having now reported, global GDP looks to have expanded at a tepid 1.9% pace in 2Q12, 1.3%-point below what would simply be trend.”
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