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Noting that earnings momentum is "still a key driver in the market," the strategists believe that while "the pace of momentum may have peaked, we still see upside risk to earnings." "With that in mind, we think it's too early to shift portfolios to a more defensive stance, both from the overall market perspective and also the strategy within the market. Many of these conviction ideas complement this strategy, pointing to the opportunity for consensus upgrades or improved outlook/guidance commentary," the strategists led by Nick Nelson, head of European equity strategy at UBS, said in the note...

by Tyler Durden Tuesday, May 11, 2021 - 07:15 AM Hedge funds had another rough week according to Goldman's Prime Brokerage, with the GS Equity Fundamental L/S  Performance Estimate falling -1.68% between 4/30 and 5/6 (vs MSCI World TR -0.33%), driven by alpha of -1.11% – the worst weekly alpha in two months – and to a lesser extent beta of -0.57% (from market exposure and the market sensitivity factor combined). As a result, global fundamental equity L/S hedge funds lost almost two-thirds of their YTD gains in just the past week, bringing their total YTD return to just 0.97% in what is s...

by Tyler Durden Wednesday, Apr 21, 2021 - 09:53 AM Less than a week ago we reported that after Morgan Stanley and BofA, Deustche Bank joined the growing bandwagon of sellside researchers warning that the market is facing a period of severe turbulence, investors appear to be heeding the caution in what BofA calls a significant shift to the "increasingly euphoric sentiment." Yesterday we reported that according to the latest institutional and HNW client data published by Bank of America, the bank's flow desk just had seen the biggest outflows in five months as clients were net sellers of a who...

by Tyler Durden Tuesday, Apr 13, 2021 - 08:09 AM After trading flat for much of the overnight session in anticipation of today's key event, the CPI report (due out at 830am ET), US equity futures and European markets tumbled at precisely 7am after a report that the US will pause Johnson & Johnson vaccines amid health concerns, potentially dealing a blow to efforts to reopen the world’s largest economy. Futures on the S&P 500 fell and reopening sensitive Russell 2000 contracts lost almost 1% after the New York Times reported and FDA confirmed that the US would will call for an immediate pau...