The market pullback will take time to play out. Planning for an eventual shift to defense beats a “hope for the best” approach.

Amid efforts to stimulate growth in the face of economic challenges, we see selective long-term opportunities in both equities and fixed income.

China’s economy is struggling. A coordinated stimulus to curb the crippling housing crisis and support local governments is being announced. We explore the measures undertaken and contemplated and their potential implications for portfolios.