Stocks to fall further as allocations are 'significantly above average levels':JPM

Global equity allocations remain significantly above average levels, although there has been a noticeable pullback in recent weeks, the strategists said in a note to clients.

"The cash allocation remains extremely low by historical standards posing vulnerability to both equities and bonds going forward," the analysts said. The combination of these factors has led to a correction in risk assets, especially equities, while prompting a rally in traditionally safe assets such as government bonds, the yen, and the Swiss franc.

This unwinding has been one of the most severe since the Silicon Valley Bank crisis, erasing gains made earlier in the year.

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