Bearish Outlook
Morgan Stanley has turned bearish on global equities, saying profit forecasts are overly optimistic given the slump in manufacturing figures. "We see a market too sanguine about what lower bond yields may be suggesting–a worsening growth outlook," its strategists wrote in a note. "Continued deterioration in global PMIs suggests a macro environment with plenty of downside risks." Bloomberg
Morgan Stanley has turned bearish on global equities, saying profit forecasts are overly optimistic given the slump in manufacturing figures. "We see a market too sanguine about what lower bond yields may be suggesting–a worsening growth outlook," its strategists wrote in a note. "Continued deterioration in global PMIs suggests a macro environment with plenty of downside risks." Bloomberg

