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The debate rages on regarding whether the global business cycle has started to stabilize, with most of the "green shoots" arguments based on softer data such as Purchasing Managers Indices (PMIs) appearing "less bad". Although this is not the same as "good", one should be aware of the fact that a bottoming process of the economic cycle has commenced. Importantly, different countries will experience dissimilar rates of recovery that, in turn, will impact asset allocation decisions.
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