Key points:
Shares have made it to record highs this year but after strong gains are a bit vulnerable to a near term pull back.
However, we remain upbeat on a 12-month view as falling inflation allows rate cuts and hopefully recession is avoided.
Seven key charts worth keeping an eye on: global business conditions PMIs; inflation; unemployment and underemployment; inflation expectations; earnings revisions; the gap between earnings yields and bond yields; and the US dollar. so far, most look ok.
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