Multi-Asset Essentials ‘Snapshot’
>> Our Global Government Bond SBI is in stretched pessimism, led by the longer-end of the curve, whilst the UST 2s-10s SBI has entered stretched optimism. TIPS also oversold; US HY/IG in stretched optimism.
>> In Equities, small caps are in stretched pessimism, as are Real Estate and Utilities; our Communication Services vs ACWI SBI is overbought. Crude oil has corrected lower, after our SBI signalled stretched optimism.