IN THIS ISSUE

• Macro Strategy — A Secular Bull Market In Earnings: Rapidly accelerating technological progress supports stronger long‑term earnings and living standards in our view, reinforcing an overweight position in Equities.
  
  
• Market View — Asian Markets and the Energy Shock — Staying Constructive: Easing Middle East escalation concerns have revived global risk appetite and Asian Equities, supporting our positive outlook for Japan and Emerging Asia despite persistently higher energy prices.
  
  
• Thought of the Week — Some Quick Thoughts on the U.S. Federal Budget Deficit: U.S. public finances appear manageable rather than alarming, with deficits near historical norms and supported by a resilient economy, though limited fiscal flexibility means they warrant monitoring rather than concern.​