Are Lower Equity Exposures a Concern?
Today’s chart shows that since the early part of the year, investors have been gradually reducing their exposure to equities, as measured by the Commodity Futures Trading Commission’s (CFTC) weekly Commitments of Traders report, which provides a breakdown of the net positions for non-commercial (speculative) traders in the US futures markets.
Although this suggests that investors are anticipating less favourable conditions ahead, in our opinion, the macro picture remains reasonable. While threats to global growth do exist, we do not think that the risk of recession is high.
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