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Pictet WM downgrades global equities

Pictet Wealth Management has downgraded global equities owing to stretched valuations and rising geopolitical tensions. “Instead of declining, as had been feared, Q1 earnings actually rose on a year-on-year basis in the US,” the bank said. “However, there was a pullback in developed market (DM) stock indices in May, largely because of increased Sino-American trade tensions. These tensions, plus valuations…

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