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Antidote to lower valuations: Eye on the World 26/02/21
26/02/2021
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Equity contagion fears from bond market sell-off mounted, with 10-yr yields approaching tantrum threshold +50bps in 1-mth. We see a cyclicals catch-up, not deep tech-rotation, more muted steepening ahead with inflation expectations overdone, and markets well-supported.
HOT TOPICS global EPS revisions accelerated, +4% last mth. to 12m fwd. +25%, a powerful antidote to bond yield driven valuation derating. Cyclicals lead revisions but tech also strong in reminder of earnings power despite rotation pressure.
16-page daily includes: Market recap and What to watch; Hot Topic analysis; Country and Sector allocation eye; Key views; US and global performance, valuation, earnings, and macro forecasts; and report Library.
