GLOBAL STOCKS SET FOR MODEST GAINS, HINGING ON SERIES OF RATE CUTS

Global stocks will brush aside recent market turmoil and gain modestly from current levels in coming months, amid rising expectations major central banks are set for a series of interest rate cuts.

Unwinding of large leveraged positions funded in Japanese yen and recent weaker U.S. jobs data sent equity markets into a tailspin in early August, causing the global MSCI index to plummet about 9% from an all-time high set in mid-July.

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