A cross-asset strategy note says that Morgan Stanley is lowering their US equity weighting and increasing exposure in European stocks

  • Raises overweight in European equities to 3% from 2%
  • Cuts overweight in US equities to 1% from 2%
  • Citing that US stocks close to its year-end target with limited upside, while backdrop for European equities outperformance is still intact

Well, I wouldn't call a 1% shift a major change but whatever makes them happy. Anyway, here's how European equities are faring so far today:

  • Eurostoxx -0.39%
  • Germany's DAX -0.85%
  • UK's FTSE +0.10%
  • France's CAC 40 -0.32%
  • Italy's FTSE MIB +0.25%
  • Spain's IBEX -0.01%