November 21, 2019

Equities: Positive signs in the macro momentum are discounted in part. We reduced the OW position. Remain constructive mid – term

Equities: Positive signs in the macro momentum are discounted in part. We reduced the OW position. Remain constructive mid – term

Market Commentary
21/11/2019

Highlights:

Since early October, as risks on trade and Brexit abated and confidence inddicators stabilized, bond yields have increased and equities rallied.
Consistent with a full risk-on phase Banks, Auto, Value and Cyclicals all ouutperformed.
After the rally, cyclicals’ outperformance and price-earnings expansion loooks a bit stretched for the short term, conditioning our recent recommendation to reduce ooverweight position in equities.
After the rally, cyclicals’ outperformance and price-earnings expansion loooks a bit stretched for the short term, conditioning our recent recommendation to reduce ooverweight position in equities.

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EQUITIES: POSITIVE SIGNS
IN THE MACRO MOMENTUM
ARE DISCOUNTED IN PART.
WE REDUCED THE OW POSITION. REMAIN
CONSTRUCTIVE MID – TERM

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