Morgan Stanley sees series of rolling tops in credit, yields and equities - Bloomberg

Morgan Stanley strategists see limited upside in global equities in the next 12 months, is cautious on credit and prefers oil over metals, according to Bloomberg. 

Key quotes from Morgan Stanley's midyear outlook titled "the End of Easy" (Source: Bloomberg)

"Growth momentum, inflation, balance sheet size, earnings revisions, stock-bond correlations and U.S. policy rates are all transitioning"

“For markets, we think this means 2018 will see a series of rolling tops in credit (January), yields (summer) and equities (3Q)."

Key calls (Source: Bloomberg)

"Overweight European stocks and global energy equities"

"Japanese yen to hit 95 by the third quarter of 2019"

"U.S. Treasury 10-year yields will end the year lower, with a flatter curve"

"Strong 12-month gains for the South African rand and Brazilian real"