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Since the Spring, reflation trades and interest rates have stalled and corrected down. We believe this retracement will find an end this Summer and that H2 2017 will see a second strong move up in reflationary assets: higher interest rates, followed by higher Financial stocks, Growth and Defensive assets will under-perform again. Commodities could follow from mid/late Summer, Jean-Francois Owczarczak, Director, Management Joint Trust and





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