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August 11, 2021

More global economic data was released suggesting economic growth rates are likely peaking, but the economy is not at risk of contracting. This data suggests changes in the assets that outperform but not a widespread decline in risk assets.

In our last update we noted that economic growth was slowing as the recovery matures and the weakest comparisons from 2020 have passed, but recession risk remains remote.  The global PMI data last week provided some confirmation of this view. The global Markit Composite PMI (services and manufacturing) declined one point to 55.7 as both...
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