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  4. State Street GA pares back stocks on market complacency concerns
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State Street GA pares back stocks on market complacency concerns

LONDON (Reuters) - Passive investment giant State Street (NYSE:STT) Global Advisors has pared back global equities in favour of safe-haven bonds and gold on concerns investors...
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State Street GA pares back stocks on market complacency concerns © Reuters. FILE PHOTO: A State Street Global Advisors banner is hung outside the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2021. REUTERS/Brendan McDermid

LONDON (Reuters) - Passive investment giant State Street (NYSE:STT) Global Advisors has pared back global equities in favour of safe-haven bonds and gold on concerns investors have become too complacent about risks such as higher inflation and rising interest rates.

The fund manager said that while an "ebullient macroeconomic backdrop" meant it was retaining a preference for growth-sensitive assets such as equities, credit and commodities, its tilt towards safer assets came amid warnings from in-house risk indicators.

"Complacency may not constitute a risk per se, but it leaves the market in a fragile state, more prone to being rudely awakened by, and overreacting to, the shocks that will inevitably come," the firm said in a report on Tuesday.

It added that as the growth differential between the United States and Europe starts to narrow and emerging markets continue to make progress against the COVID threat, the trend of U.S. market outperformance was likely to ebb.

Inflation was also likely to remain above pre-COVID levels for at least the next couple of years.

"Gold is supported by low real rates and a negative short-term view of the U.S. dollar," SSGA said, adding that Chinese stocks were also worth "particular consideration" and they were trading below long-term averages relative to the U.S. and the rest of the world, and also offered a diversification benefit.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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