In today’s briefing:
- Asia Long/Short Update
- Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus
Asia Long/Short Update
- Top longs have been India and Australia. Top shorts HSI and Korea. Korea’s bearish wedge is maturing and stands out as macro risk.
- Turned neutral the Nikkei above 29,200. 29,500 represents from buy support to threaten 31,000. Near term top at 31k for a pullback try.
- USD upside breakout is front running a softer equity bias in Asia for June. SPX 4,200/20 top zone throw over probable.
Remain Overweight Japan, Europe, & India; Buys in Discretionary and Defensives W/ Japan/Europe Focus
- We continue to recommend a tactical overweight to defensives (Staples, Health Care, and Utilities) as the MSCI ACWI (ACWI-US) tests the top-end of our anticipated 2023 trading range at $93.
- We also remain overweight Europe, Japan, and India, where a lot more than just defensives continue to outperform.
- Actionable Themes: Consumer Discretionary and Defensives, Mainly in Japan and Europe
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