Having completed an extensive round of marketing in the US and Europe, we would like to make the following comments: Equities: Most investors seem to have been surprised by the strength of equities and put the recent rally down to strong results and earnings revisions as well as labour gaining less pricing power than expected. Regions: Continental Europe is now a consensus long, but so far only 40% of post-January 2016 outflows have returned. GEM: A surprisingly bearish consensus. Sectors: US investors showed interest in European telecoms for the first time in 18 months (they are our top defensive overweight). Dollar: A consensus long, which is being re-examined.