Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — America's Trump Card When It comes to Tariffs: “Tit-for-tat" trade restrictions augur for diversification at the highest level, since the impact of protectionist measures will likely vary by region, sector and market capitalization.
  
  
• Market View — Is the Outlook for International Markets Improving? European markets along with global ex-U.S. Equities have seen intermittent periods of relative return strength over recent cycles. And in the current environment, there may be an increased likelihood of another such phase unfolding over the period ahead.
  
  
• Thought of the Week — The Lowdown on the Lower Equity Risk Premium: A lower equity risk premium does not necessarily spell trouble for forward equity returns. Elements like the earnings outlook, the macroeconomic backdrop and the growth picture should also be considered.