Rearranging the Flower Blooms

Three months ago, markets were preparing for recession, inflation and geopolitical turmoil. Instead, they got something far less dramatic: growth. This month’s report explores one of the biggest market rotations of the year as leadership shifts away from Gold and towards a broader equity advance.

We examine why Japan remains one of the world's strongest markets, why Emerging Markets are surging despite weakness in China and India, and why Copper may be telling us more about the future than economists are. As always, we follow trends rather than predictions—and the trends are becoming increasingly optimistic.