The long-term expected return for the Global Market Index (GMI) remains moderately below the index’s trailing realized 10-year performance through July, based on the average of three forecasting models (defined below). The key takeaway: it’s still prudent to manage expectations down for multi-asset-class strategies, relative to the past decade.
* US House Speaker Nancy Pelosi expected to visit Taiwan despite China warnings
* China warplanes fly close to dividing line in Taiwan Strait ahead of Pelosi visit
* US construction spending tumbled in June amid sharp decline in homebuilding
* Global Mfg PMI falls to 2-year low but still indicates growth
* US Manufacturing PMI at lowest for two years but still above neutral level
* US ISM Mfg Index ticks lower in July but continues to indicate growth: