HSBC 3月15日宏观长篇，65页。
　　The current data points now show some strong improvements inshort-cycle businesses（e.g.US truck orders，ISM and IFO）.Thestrong momentum of the overall indicator and the strong positiveinflection in the trendline across all three regions suggests that we areentering an earnings upgrade cycle.Q4 results already had a skewtowards earnings beats and we believe that management’s outlookstatements sync with our view.Before the beginning of the Q4reporting season on 26th of January（with Kone），MSCI Europe CapGoods Index had risen 5% ytd（after a 9% rise in 2016）.The index hasbeen consolidating since then（up a further 2%），we believe because ofpolitical uncertainty and the perceived risk of rising interest rates.