Morgan Stanley has issued a "full house" buy alert on international stock markets
First time since early 2009
MS says all five of its market-timing signals are now flashing a buy signal
Says selling-fever is close to capitulation
MS add this is a rare event
Should lead to a V-shaped recovery
Looking for a 23% gain over the next 12 months
Graham Secker, head European equity strategist:
Recent sell off driven by emotion
Not by the underlying outlook for the world economy
"Equities remain very cheap relative to government bonds and there remains a lot of liquidity around that is looking for a home"
Secker does point out, though (bolding mine): "Our indicator is not the Holy Grail of investing. We think that on the balance of probabilities, the risk-reward ratio looks pretty good right now, but it is not a very good week-to-week timing signal" japan:
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