Global Strategy Mid-Year Outlook: Constructive, Not Complacent

Research evidence excerpt

Global Strategy Mid-Year Outlook: Constructive, Not Complacent

Global InsightM

Contributors

Morgan Stanley & Co. LLC Morgan Stanley & Co. LLC Morgan Stanley India Company Private Limited+

Serena W Tang Vishwanath Tirupattur Soham Sen

Strategist Strategist Strategist

+1 212 761-3380 +1 212 761-1043 +91 22 6995-2014

Serena.Tang@morganstanley.com Vishwanath.Tirupattur@morganstanley.com Soham.Sen1@morganstanley.com

Morgan Stanley & Co. International plc+ Morgan Stanley & Co. International plc+ Morgan Stanley & Co. LLC

Erika J Singh-Cundy Yimin Huang Jay Bacow

+44 20 7425-0960 +44 20 7677-2870 +1 212 761-2647

Erika.Singh-Cundy@morganstanley.com Yimin.Huang@morganstanley.com Jay.Bacow@morganstanley.com

Morgan Stanley India Company Private Limited+ Morgan Stanley & Co. LLC Morgan Stanley Asia (Singapore) Pte.+

Ridham Desai James Egan Jonathan F Garner

Equity Strategist Strategist Equity Strategist

+91 22 6118-2222 +1 212 761-4715 +65 6834-8172

Ridham.Desai@morganstanley.com James.F.Egan@MorganStanley.com Jonathan.Garner@morganstanley.com

Morgan Stanley & Co. LLC Morgan Stanley & Co. International plc+ Morgan Stanley & Co. International plc+

Matthew Hornbach Stephan M Kessler James K Lord

Strategist Quantitative Analyst Strategist

+1 212 761-1837 +44 20 7425-2854 +44 20 7677-3254

Matthew.Hornbach@morganstanley.com Stephan.Kessler@morganstanley.com James.Lord@morganstanley.com

Morgan Stanley & Co. LLC Morgan Stanley & Co. International plc+ Morgan Stanley & Co. LLC

Vishwas Patkar Martijn Rats, CFA Simon Waever

Strategist Equity Analyst and Commodities Strategist Strategist

+1 212 761-8041 +44 20 7425-6618 +1 212 296-8101

Vishwas.Patkar@morganstanley.com Martijn.Rats@morganstanley.com Simon.Waever@morganstanley.com

Morgan Stanley Asia Limited+ Morgan Stanley & Co.