BT EXCLUSIVE ·
Subscribers

Bulls are not dead yet, but trading calls turning defensive

Singapore

PRIVATE bank strategists are telling clients to brace for more volatility as higher interest rates and the ongoing US-China trade tussle prompt a fresh look at risk.

Most strategists, however, have stopped short of calling an end to the US bull market. One of the more optimistic is UBS which calls the downdraft "a bull market resetting, not an ending".

Still, portfolio calls and positions have mostly turned defensive. Some private banks have an underweight on both equities and fixed income assets, and not surprisingly, an admonition to avoid excessive leverage.

Major stock markets led by the US tumbled last week, some by more than 5 per cent. US indexes, however, rallied on Tuesday by more...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes