Uncomfortably constructive

The tenacious rally is being eyed skeptically, including by us. For now, however, we see few signals of it ending.

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All opinions and claims are based upon data on 10/24/17 and may not come to pass. This information is subject to change at any time, based upon economic, market and other considerations and should not be construed as a recommendation. Past performance is not indicative of future returns. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Deutsche Asset Management Investment GmbH

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