Contents
Summary 3
What drives the PER? 4
Market forecasts 18
ING model portfolio 19
Recommended sector weights 20
Stance at a glance 22
Sector momentum map 23
Net revision balances 24
Sector correlations 25
Sector matrix 26
US sector perspectives 28
Big sector summaries 30
Country summary 38
General strategy contacts 44
Disclosures Appendix 45