Group says US turnaround is imminent and is adjusting portfolios accordingly
SG Asset Management is adjusting its portfolios in the belief that the US market is about to turn around. Sam Mercer-Nairne, manager of SocGen American Growth, said: 'There are signs the US economy has hit a bottom and we do not believe in a recession.' According to Mercer-Nairne, inventory levels, interest rates and tax rebates in the US will be the drivers of an imminent recovery. He said: 'The work down in inventories in the second quarter was around $27bn, which is a record and should be sufficient to rebalance the supply chain. Both GM and Texas are happy with inventory l...
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