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***As the month end...........>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: ***As the month end approaches, there is a lot of talk of
a significant rebalance by balanced fund/pension funds. 
- To give some perspective for Europe, the eurostoxx index has provided a 4.1%
total return so far this month and the Bloomberg-Barclays aggregate bond index
has lost 0.26%. Looking at monthly swings between bonds and equities over the
past ten years, this would be in the 81st percentile that favours buying bonds.
- In the US, the situation is stretched further with the S&P has provided 7.95%
positive total return and the Bloomberg-Barclays aggregate bond index is down
0.95%. Looking at monthly swings between bonds and equities over the past ten
years, this would be in the 97th percentile that favours buying bonds.

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