Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Taking Stock of China's Hold on Global Trade and the Consequences for Emerging Markets: China's dominance of global manufacturing and exports has challenged other Emerging Markets' ability to further industrialize and lift domestic living standards.
  
  
• Market View —Key Takeaway from Q2 Earnings Season: Better Than Feared: Sturdy fundamentals should ultimately provide Equities with a solid foundation which includes an earnings outlook that remains positive, the potential for a broadening out of the market, and a capital expenditures boom that's only in its early innings, in our view.
  
  
• Thought of the Week — What's Behind the Summertime Slowdown in Labor Supply:Automation companies across both the industrial and process automation spectrum could supplement labor markets impaired by low supply.​