The underlying outlook > the present but not readily noticeable future prospect is good / healthy.
Underlying > hidden but can be noticed /real but not immediately obvious ( they are a few other meanings for this word ) I can see his underlying guilt by the way he behaves.
Outlook> prospect/expectation for the future .> What is your outlook for this year in terms of investing in shares?
2016年2月6日
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It must refer to the economic perspective, whatever the context, bonds, for example.