See Full note attached
1. Showtime for the US/DM Recovery 2. Forward guidance harder in an above-trend world 3. Earn the DM equity risk premium, hedge the risk 4. Good carry, bad carry 5. The race to the exit kicks off 6. Decision time for the ‘high-flyers’ 7. Still not your older brother’s EM... 8. ...but EM differentiation to continue 9. Commodity downside risks grow 10. Stable China may be good enough