Animal Spirits in Equities

| Multi Asset | Market Grafiken

Although good reasons can be found to validate investors’ optimism toward risk assets, both in terms of macro and micro fundamentals, the question of exuberance and complacency is legitimate.

Relative strength index (RSI) indicators on certain stock indices have reached overbought levels, usually signs of market exuberance. In addition, various bull/bear indicators have also reached extremes, while flows in equity funds have skyrocketed, all pointing to extreme optimism.


Animal Spirits in Equities

Source: Bloomberg, Unigestion. Data as at 23 April 2021.

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