Macro outlook: Central banks return to currency war with BOJ, ECB and PBOC looking to further easing bias while US Fed has turned substantially dovish on interest rate cycle. China, Japan and Europe will need more stimulus to work through further growth slowdown while the US economy will also run into the slowing global growth headwind. We continue to expect to see the 2015 currency trade reverse as yield premium widens and USD weakens. Globally diversified industrials with good growth and yield to value outlook will continue to attract investors looking for a premium to bond return. Media sector to benefit from the regulatory change driven M&A and earnings boost from prolonged election campaign. (VIEW LINK)