18 October 2018: From TINA to TIARA
– Rising bond yields mean investors have more choice in their search for real returns, but it’s too early to underweight equities in our view.
– Stocks still have relative appeal with the US economy strong, Europe offering attractive valuations, and Chinese equities oversold.
– Investors need to watch for downside risks, but also shouldn’t discount upside risks.
– US equities are no longer immune to sell-offs. We see a better opportunity to overweight global equities.