Fortis Investments' Weekly Strategy Update

This week's key points are:

- The economic outlook worsens throughout the OECD: the US looks set for a more protracted slowdown, the UK and Spain will be lucky to escape recession and even Germany's industrial sector is beginning to struggle
- We are becoming more nervous about Emerging Markets: signs of spillovers from the OECD are building, though we still think that EM will hold up relatively well
- Fannie Mae and Freddie Mac dominate the headlines: overall we believe that the US authorities reacted well and the fall-out will be contained
- Back to neutral in equities: we have closed our underweight as tactical indicators point to a short term rally

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