瑞银：全球策略-CTA的持仓与资金流动

• Geopolitical tensions coupled with toppish price actions and failures to break resistance levels (6050 for S&P, 3900 for MSCI World...) is lessening the momentum in stocks. On the positive side, declining realized volatilities, especially in EU & Asia, will work as an offset to the softening signalling, to keep overall positioning more or less unchanged in the coming weeks. Like in credit, CTAs are in no rush to add. • In bonds, CTAs have been moderate duration buyers ($20/25m Dv01) since our last update. ...