Mid-year outlook 2024: Let's get cyclical

For most of 2024, the US economy has been running its "Duracell Bunny" course, ploughing ahead on strong consumer spending, fiscal stimulus and a thriving labour market. Meanwhile, Europe and Asia, especially China, have been in the doldrums, as the real estate market malaise in the latter drains the life out of the second-largest economy in the world.