“We appear trapped in a circular reference death spiral with...

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    “We appear trapped in a circular reference death spiral with shorter USD, weaker oil/commodity prices, weaker global trade/petrodollar liquidity and weaker EM (and global) GDP growth. If this continues, then the prospects for global GDP growth, corporate profits and share prices are not good...” says Stubbs in a note, co-written by Ayush Tambi and Nikhil Jadhav.
 
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