GLOBAL EQUITY STRATEGY: After an extensive round of marketing in the US, Europe and South Africa, we thought we would highlight where we see the ‘new’ consensus:
1) Clients are close to being as bearish on equities as we can remember;
2) Clients are warming up to emerging markets;
3) Clients see 'lower for longer' now being 'lower forever';
4) Capitulation on Europe;
5) Oil: upside risk;
6) Some clients see disruptive technologies as the key risk;
7) Japan – close to record foreign selling;
8) Clients felt a crisis is needed before looser fiscal policy happens;
9) China – largely off the radar screen.