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  "notes": "The slide uses two dual-axis line charts to contrast the decoupling of large-cap earnings from PMI trends versus the continued correlation in small-cap earnings.",
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      "text": "Manufacturing PMIs have historically displayed high correlations with earnings growth trends. Interestingly, large-cap earnings have decoupled from their historical relationship with PMIs, while small- and mid-caps (SMID) continue to move in line.",
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      "text": "... While for Small Caps the Trend Is More Consistent",
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      "text": "Source: Bloomberg, MSIM. As of February 11, 2025.",
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