IN THIS ISSUE

• Macro Strategy — The Growing Exchange Rate Challenge for International Markets: Exchange rates have been a significant headwind for common currency returns in international equity markets.
  
• Global Market View — Five Triggers To Monitor For A New Equity Bull Cycle: Investors should be mindful of signs that could ultimately indicate the beginnings of a new equity bull cycle.
  
• Thought of the Week — An Update on China's Property Market: China's Real Estate sector may be starting to show signs of weakening.