Party poopers. Bloomberg reporting:
HSBC Holdings, Citigroup and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle
- cite signals including the breakdown of long-standing relationships between stocks, bonds and commodities
- investors ignoring valuation fundamentals and data
- "Equities have become less correlated with FX, FX has become less correlated with rates, and everything has become less sensitive to oil," Andrew Sheets, Morgan Stanley's chief cross-asset strategist, wrote in a note published Tuesday. His bank's model shows assets across the world are the least correlated in almost a decade
It has certainly been a long, long run since the depths of the GFC and has shaken off all naysayers up to now.
Let's see how these calls play out this time.
