Original article by David Rogers
The Australian – Page: 28 : 9-Jul-19
The S&P/ASX 200 recorded its third-biggest daily loss for 2019 on 8 July, after gaining two per cent in the previous week. Morgan Stanley’s move to downgrade its equity market recommendation from ‘equalweight’ to ‘underweight’ contributed to the pullback, and Andrew Sheets of Morgan Stanley says the investment bank’s global equity weight is now at its lowest since coverage began in 2014. Meanwhile, with the US earnings season set to begin shortly, Tobias Levkovich of Citigroup says consensus estimates for earnings in the June quarter could be too low.
STANDARD AND POOR’S ASX 200 INDEX, MORGAN STANLEY AND COMPANY INCORPORATED, CITIGROUP INCORPORATED, STANDARD AND POOR’S 500 INDEX, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, EUROPEAN CENTRAL BANK