whole has higher than average cash holdings and some 70% of world holdings offer no positive yield after taxes and inflation. See recent issues of Flows & Liquidity. EFTA00630374 What trigger is left to push up risk markets to the next level? — Accepted there is no obvious trigger as there was before EMU Summ

t are strong positives. At this point, we see more upside on our European growth forecasts than in the US. In addition, as we argued in last week's Flows & Liquidity, Who is driving the great rotation?, Aug 2, US investors are moving from fixed income into equities but we are not seeing this rotation in Europe, g

s and Holly Huffman Key trades and risk: Emerging Market Equity Strategy, Adrian !dowel et al. European Equity Strategy, Mislay Matejka., et at. Flows & Liquidity, Nikos Panigidzoglou et al. 2 EFTA_R1_00470161 EFTA01981559 Jan L Global Asset Allocation The J.P. Morgan View 11 lAv2014 inflation. We expe

go, we avoided directional longs in our GMOS model equity portfolio due to elevated positions by spec investors (see Charts A 10 and Al2 in today's Flows & Liquidity). We preferred to focus instead on regional and sectoral trades. We stay with the same strategy focusing our recommendations on EM Asia across regi

t are strong pos=tives. At this point, we see more upside on our European growth forecasts =han in the US. In addition, as we argued in last week's Flows & Liquidity, Who is driv=ng the great rotation?, Aug 2, US investors are moving from fixed inco=e into equities but we are not seeing this rotation in Europe, g