Hamilton Capital Management - Registered Investment Advisor

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Regional Specialists Review November 2017

Valuation, schmaluation. In spite of rather expensive pricing in U.S. markets (in both stocks and bonds) and very tepid growth in economic profits, the mood has remained reasonably positive for stocks. However, some caution has emerged in fixed-income instruments, as treasury yields have risen on concerns that higher wages and commodity prices, as well as a narrowing of the output gap, may finally translate into inflation. As we write this, we are also seeing a bit of nervousness in junk bonds and even some stocks, though hardly an earth-shattering amount so far. 

Abroad, developed and emerging-market (EM) central banks remain quite stimulative, and earnings are growing strongly. This has translated into robust stock price gains in places like EMs, Japan and Europe. 

 

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