A trough in corporate earnings supports our decision to close an underweight in cyclical equity exposure such as value. We prefer quality for its resilience. Negotiations over the size and makeup of a new U.S. fiscal package are intensifying as key benefits expire and states face budget shortfalls. U.S. employment figures are in focus this week as this fiscal cliff nears and the pandemic’s spread in Sunbelt states is starting to affect economic activity.
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