Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Better-Than-Expected Oil Supply Situation Fuels Equity Relief Rally: Pressures to suppress global oil consumption are likely to remain strong given increasingly ambitious climate change policies.
  
• Global Market View —10 Questions on the Outlook for China: China has more recently been set back by a range of economic and policy challenges.
  
• Thought of the Week — Should Investors Worry About Net Interest Payments On U.S. Government Debt?: Debt-servicing costs are set to rise modestly over the near term but not, in our opinion, unsettle the capital markets.