Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — European Equity Risks Increase, Caution Still Warranted: Absent the catalysts for an improvement in valuation and with increased post-election uncertainty, we stay with our cautious positioning across international developed markets in Europe.
  
  
• Market View — Can U.S. Equities Take the Heat?: We can expect developments on the election, the economy and policy to really start to turn the temperature up (at least from a headline perspective).
  
  
• Thought of the Week — Zooming Out on the U.S. Consumer: The U.S. consumer still appears to be in good shape, with relatively healthy balance sheets, but we are closely watching whether the labor market continues to support healthy consumer activity.