- Our global outlook continues to be cautiously optimistic.
- We are seeing positive synchronization among major global economies, but growth rates will be uneven.
- In the developed markets, the U.S. economic recovery looks well supported by consumer activity, healthy corporate balance sheets and low inflation, while positive trends in the euro zone and Japan remain tempered by structural hurdles.
- There is more uncertainty in the emerging markets, but we do not expect a hard landing in China and are encouraged by reforms in a number of countries.
- We believe the U.S. is in the midst of a secular bull market. U.S. equity valuations remain attractive in our view, especially those of cyclical growth stocks.
- We prefer convertibles and select high-yield issues over investment-grade bonds.
Calamos Releases Quarterly Global Economic Review And Outlook January 2014
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