The positive market sentiment sparked by improved profit results on Wall Street could be short-lived, strategists warn, as downgrades to earnings estimates ramp-up and threaten the rebound in equities.
Morgan Stanley is also anticipating more cuts to estimates as further policy tightening by the Federal Reserve intensifies concerns about slowing growth. The broker expects these issues to broaden as the market dynamic shifts from being characterised by too much demand in a supply constrained world, to one marked by weak demand in a supply rich world.
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