The recent slump in global equities is prompting comparisons with 2011, when the prices of riskier assets also fell away after a confident start. Our view is that the US economy will be more resilient this time around, providing some support for US equities despite the problems elsewhere. However, we expect another rollercoaster ride for the markets, with further big falls for non-US equities and industrial commodities, dragged down by the disintegration of the euro and much slower growth in China.
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