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And Wells Fargo's strategists........>

US TSYS/STOCKS
US TSYS/STOCKS: And Wells Fargo's strategists Michael Schumacher and Boris
Rjavinski expect selling of US$6.0B in stocks around the month-end/vs. buying of
$5.0B in bonds. Today is July 31st, the month-end. 
- They said "while EM stocks beat bonds by a significant margin, they typically
get smaller allocation than domestic stocks in pensions portfolios. Furthermore,
many pensions only rebalance at quarter-end. Consequently, we project modest
rebalancing needs for domestic defined benefit pensions: about $6 billion
selling in stocks versus $5 billion purchases in bonds at the moment."

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