Brazil equity funds have managed to outperform the MSCI Emerging Markets index so far this year, but data like this and possible rate hikes promise to pull the rug out from under them.
For large companies the Sarkozy government has set a long-term goal of reducing the corporate tax rate by 5%, which would pull France closer to the rest of Europe.
While DKS was early to pull the promotional trigger on cold weather product as sales most likely were not coming in at the expected rate, we believe much of the discounting was either vendor funded or on carry over product from last year.