The extension of the economic cycle favors a broadening of the equity rally – DORVAL’S MACRO CORNER (NOVEMBER 2019)

The great growth scare of the month of August, which had seen the word recession spread like wildfire, gave way to clear relief. The excessive pessimism we were talking about this summer has been corrected.

The loss of anxiety on the fronts of Brexit and the trade war obviously counted a lot. But the relief came also from economic indicators and company earnings, all showing slowdown but without the dreaded collapse.
 

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