Weekly Global Equities Strategy Update

Y-t-d, $9.8Bn has flowed into tech stocks, and $7.3Bn into financials, while $41Bn
has flowed into emerging markets and $31Bn into Japan. Nevertheless, shares
around the world were stuck on their worst run since November earlier today, as
caution gripped traders in a week in which the Federal Reserve is likely to raise
US interest rates and perhaps signal as many as three more hikes lie in store this
year. A near 1% drop for Europe’s main bourses, amid a flurry of gloomy EU
company news and weaker Wall Street futures meant MSCI’s World index was
down for a fifth day running.

031918 CGI Weekly Global Equities Strategy Update-min