IN THIS ISSUE

• Macro Strategy — A Tri-polar Framework for Potential Catalysts: In surveying potential catalysts for the back half of this year, we use a three-factor framework.
  
• Global Market View — Scorecard Framework for European Markets: European Equities have exhibited significant return dispersion across individual countries this year, but most have trailed behind U.S. and global markets.
  
• Thought of the Week — 10 Years of Xi: Chinese Equity indexes have significantly underperformed global benchmarks. Why?​