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Chinese Manufacturing Quietly Turns in a Modest Revival; Global Investors Are the Most Overweight the Eurozone in Four Years
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Chinese Manufacturing Quietly Turns in a Modest Revival; Global Investors Are the Most Overweight the Eurozone in Four Years

Appetite for European equities grows as U.S. stock markets underperform

David Rosenberg's avatar
David Rosenberg
Apr 01, 2025
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Early Morning with Dave
Chinese Manufacturing Quietly Turns in a Modest Revival; Global Investors Are the Most Overweight the Eurozone in Four Years
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Highlights

• Appetite for European equities grows as U.S. stock markets underperform

• Treasury yields and the dollar break below critical trendlines

• Tariffs are inflationary, not deflationary

• Recession pressures in Canada set to further weigh on the loonie

Key Takeaways

• Futures Waver After Quarter-End Bounce: U.S. stock market futures are pointing to a softer open, but as we saw in yesterday’s revival (smacked of quarter-end pension fund rebalancing), it’s not always the best indicator of what’s to come (yesterday’s bounce didn’t stop the S&P 500 from posting a -5.8% slide in March, its worst monthly performance since December 2022). Europe (+0.6%) is playing catch-up to yesterday’s U.S. rebound. Ditto for Asia.

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