Executive Summary
Morgan Stanley's global economics team reveals a structurally narrow recovery driven by upper income consumers and AI capital expenditure, with broadening dependent on policy execution across three regions. Chief US Economist Michael Gapin identifies that upper income households drive 40% of total US spending, creating resilience against inflation and tariff impacts that disproportionately hit lower income segments. This K-shaped dynamic explains why aggregate consumer metrics remain strong desp...
Key Investment Opportunity
German Fiscal Stimulus European Equity Play
Germany possesses exceptional fiscal space for infrastructure and defense spending, creating medium-term growth acceleration despite implementation lags
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