摩根士丹利表示，在全球配置中，更看好欧洲和日本的股票。“我们买入巴西股票，卖出黄金并做空美债久期，因为认为市场对增长的预期过于悲观，”他们补充道。Morgan StanleyIt downgraded its proposal for the US stock market to underweight and downgraded global equities to equal weight, citing "significant risks" to economic growth by the end of October.
Strategists, including Andrew Sheets, wrote in a report on Tuesday that an increase in the number of novel coronavirus Delta variants, rising inflation expectations and tensions between low yields and loose monetary policy are having an impact.
The investment bank's cautious approach to US stocks comes as the S & P 500 outperformed global stocks and hit record highs this year, although COVID-19 cases have begun to rise again in many parts of the world and the Fed is close to mapping out a path to curtail stimulus.
Morgan Stanley said that in the global allocation, he is more optimistic about European and Japanese stocks. "We buy Brazilian stocks, sell gold and short the duration of US debt because we think the market is too pessimistic about growth," they added.
They highlighted five key themes that investors need to consider: differences in central bank policy, vaccination actions, differences in valuations, a resurgence of credit markets in 2004 and a recovery in consumption of services.
