IN THIS ISSUE

• Macro Strategy — Europe's Economic Rebound + A Weak U.S. Dollar = Upside Earnings for U.S. Large-caps: The cyclical rebound in European Union growth, coupled with the decline of the U.S. dollar against the euro, could be a fertile earnings combination for many U.S. multinationals in areas such as technology, pharmaceuticals, materials, industrials, and food and beverages.
  
  
• Market View — International Exchange Rates: More Dollar Declines Ahead?: We would expect exchange rate movements to remain key drivers of investor returns with a continuing environment of international exchange rate strength and further dollar depreciation as the most probable market outcomes.
  
  
• Thought of the Week — Hydrating Portfolios In An AI-Driven World: It is well known that data centers, the heart of our increasingly artificial intelligence (AI)-driven world, are power-hungry. But they are also thirsty for water as a commonly used coolant, and semiconductor manufacturing requires substantial amounts of ultra-pure water.