I posted earlier on Morgan Stanley's view:
ICYMI - Morgan Stanley bear says rebound in equities is over
JP Morgan, on the other hand:
- Geopolitics remains a wild card
- but we do not see equities fundamental risk-reward to be as bearish as it is currently fashionable to portray
And thus on traditional defensive stocks
- should not have legs to a bounce beyond the geopolitical dislocation
- underweight these '
Earlier chart I posted on the S&P:
