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[Music] welcome ladies and gentlemen from me guy months to our break in a six minute strategy summary despite the multiple economic geopolitical and banking challenges the last few months Global equities have continued to make steady gains right through 2023. its been an unusual combination of leadership European equities up 15 percent of big U.S tech stocks up 13 have both made the running in the case of the former relatively attractive valuations in Europe an extraordinary success in mitigating Russian energy risk have helped in the case of the latter the big U.S tech stocks have been aggressive on cost cutting and layoffs and of course have robust cash-rich balance sheets that have attracted nervous investors equities have also managed to achieve these returns alongside a marked fall in volatility this is in shock contrast to the bond markets where volatility is sought as central banks continue their delicate Balancing Act of trying to contain inflation on the one side but supporti
