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Morgan Stanley u-turning on Equities: now bullish….
1. Global Cross-Asset is UPGRADING Equities:

“After almost 18 months of decelerating global economic activity, Morgan Stanley’s global economics team expects growth to bottom in 1Q20 and improve thereafter…The improvement will be modest compared with past recoveries, and will be a m…[Read more]

#CHINA’S COMMERCE MINISTRY:

CHINA, US HAVING DEEP DISCUSSION ON SIZE OF TARIFFS THAT NEED TO BE REMOVED;

THE SIZE SHOULD FULLY REFLECT SIGNIFICANCE OF PHASE-ONE DEAL, SHOULD BE DECIDED BY THE TWO SIDES;

TRADE WAR STARTED WITH TARIFFS, SHOULD BE ENDED WITH REMOVAL OF TARIFFS

Kostin: “Looking into 2020, although consensus expectations for 9% EPS growth appear too optimistic, modest negative revisions should not pose a major risk to the market. Consensus estimates are usually too optimistic. Consensus 2020 earnings estimates have come down by 4% since March 2019 and the current trajectory of revisions is consistent with…[Read more]

Goldman Sachs: “Flows yesterday really turned into FOMO, we saw aggressive buying across the banks and a clear bid to value within our franchise flows. As a trader I always take caution when the sentiment on the floor has shifted aggressively and abruptly”

UBS Macro making some sensible comments on where we are in the cycle:

1. Traditional ideas of late and early cycle have gone out of the window

2. The good news is that we believe that this cycle is not about to roll over and die unless we suffer exogenous shocks.

3. The bad news is that while the Business and Financial cycles have room to grind…[Read more]