Goldman Sachs: China’s key domestic activity data improved further in May, but by less than market expectations. 7 numbers:

1. Industrial production year-over-year growth was 4.4% yoy in May, vs. +3.9% yoy in April.

2. cement production was up 8.6% yoy in May, vs. 3.8% yoy growth in April,

3. automobile production accelerated to +19% yoy, from…[Read more]

Goldman Sachs: Net exposure for Long/Short equity hedge fund is now in the 97 percentile over the past year. Narrative has changed quickly – we are no longer in “cautious positioning” nor “everyone is bearish” mode.

ETFs (+$5.0 billion) had net inflows for the fourth straight week, driven by taxable bond ETFs (+$5.2 billion). The largest individual net inflows among this fund asset group belonged to iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD, +$2.2 billion) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG, +$1.6 billion). Muni bond ETFs…[Read more]

Citigroup: 1. we still think that 2021 forecasts are too high. Our top-down forecast is 32% below the bottom-up consensus.

2. Our bearish view on 2021 EPS means that we now expect no gains from global equities over the next 12 months.

3. do not chase the currently rally, although we recognize that this is a consensus view.

4. The traditional…[Read more]

Marko Kolanovic: 1. bank stocks positioning to break out from their two-month trading range. Multiple upcoming catalysts could solidify and accelerate this breakout

2. Many stars aligned: Value buyers, short coverings, and improving fundamentals (e.g., steepening yield curve, environment benefitting trading/banking, resiliency of the consumer,…[Read more]