Goldman Sachs says stay away from stocks for the next three months
Published: Aug 2, 2016 2:21 a.m. ET source : Market Watch
Rating on global equities cut to ‘underweight’ over 3 months
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Stay away?
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MARKETS WRITER
Goldman Sachs strategists have cut their rating on global stocks to “underweight” over a three-month horizon, citing pricey valuations and poor earnings growth.
The bank’s gauge for how investors are feeling about stocks and other riskier assets also isn’t inspiring confidence, said Goldman strategists Christian Mueller-Glissman, Ian Wright and Peter Oppenheimer in a note dated Sunday.
“Our risk appetite indicator is near neutral levels and its positive momentum has faded, suggesting positioning will give less support and we will need better macro fundamentals or stimulus to keep the risk rally going,” they wrote in the note. “But market expectations are already dovish, and growth pick-up should take time.”
The strategists aren’t totally throwing in the towel.
Looking out over the next 12 months, they have backed their “neutral” rating on global stocks VT, -0.63% ACWI, -0.62% . They also have suggested buying the dips, saying they “would look for resets lower in equities to add positions.”
The graphic below shows the Goldman strategists’ recommendations for asset allocation, with one for a three-month investing horizon and another for 12 months.
Goldman cut global stocks to neutral from overweight over a 12-month horizonback in May, saying it’s time for investors to focus more on credit and commodities.
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(Et, si, c'est goldman sachs qui le dit, faut faire le contraire, au moins pour cette fois-ci. A moins qu’elle l’annonce pour que les investisseurs se disent la même. En tout cas, la banque doit jouer à face, je gagne, pile, tu perds ! note de rené)
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