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Market Views - Economic Outlook 2018

Outlook 2018

International

Many pundits are raising their global Gross Domestic Product (GDP) growth forecasts for 2018. Inflation is currently benign. Deflation seems vanquished in Japan which may lead to better growth.

Stronger growth should bode well for economies with a strong manufacturing base, including South Korea and Vietnam. Commodity exporting countries with new reform-minded and pro-business leadership should likely do well. These include Chile and Peru.

We have some areas of concern. First, a leadership change in Saudi Arabia could send oil prices skyrocketing; disrupting the global economy. China’s huge debt burden will weigh on their economy and, if not expertly managed, could weaken its import appetite which would harm world growth.

While not a currency and not a security, the current cryptocurrency* bubbles are draining hundreds of billions of dollars out of the global economy. A bursting of that bubble could send financial shock waves around the globe. Governments worldwide will likely take some action in 2018 to help protect their domestic currencies.

Positives Negatives
Positive The global economy is growing faster Negative Migration issues stress European economies
Positive Growing number of new pro-business countries Negative Federal Reserve Bank (Fed) raising rates could scare emerging markets
Positive Europe moving away from austerity Negative China slowdown a drag on global growth
Positive Many commodity producers are cheap
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Disclosure

This information is of a general nature and does not constitute financial advice. It does not take into account your individual financial situation, objectives or needs, and should not be relied upon as a substitute for financial or other professional advice to assess, among other things, whether any such information is appropriate for you and/or applicable to your particular circumstances. In addition, this does not constitute an offer to sell, or the solicitation of an offer to buy, any financial product, service or program. The information contained herein is based on public information we believe to be reliable, but its accuracy is not guaranteed.

Investing involves risks, including loss of principal.

Past performance is no guarantee of future results.

ALPS Distributors, Inc. 1290 Broadway, Ste. 1100, Denver, CO 80203 (Member FINRA). ALPS is not affiliated with James Investment Research, Inc.

*Quantitative Tightening is a course of action undertaken by the Federal Reserve to constrict spending in an economy that is seen to be growing too quickly or to curb inflation when it is rising too fast. *Yield Curve Spread is a metric bond investors use when gauging the level of expense for a bond or group of bonds. *Price-to-Sales ratio is an indicator of the value placed on each dollar of a company's sales or revenue. *Cryptocurrency is a digital or virtual currency that uses cryptography for security.

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You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-800-995-2637 or click here to view or download a prospectus online.

Mid, Small and Micro Cap investing involve greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat. Fund holdings and sector weightings are subject to change without notice. Past performance is no guarantee of future results.
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