Credit Suisse: caution
Garthwaite expects near-term consolidation in equities. Most important reasons:

1) to some extent, credit leads equity and we no longer find high-yield spreads clearly attractive

2) market performance is in line with earnings revisions (which look set to deteriorate) – we take our European 2020 EPS growth forecast to -40% (previously -33%);

3) the market rally has been on light volume (as was the case in ‘09).