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BlackRock Upgrade European, Japanese Equities But Cut US to Neutral

CROSS ASSET
BlackRock mid-year outlook here: https://www.blackrock.com/corporate/literature/whitepaper/bii-2021-midyear-global-outlook.pdf
  • "We expect a higher inflation regime in the medium term – as a result of a more muted monetary response than in the past. We see any bond yield rises driven by inflation, rather than policy hikes, making the unique environment that we have called the new nominal constructive for equities.
  • "We are turning positive on European equities and upgrading Japanese equities to neutral – and cut U.S. equities to neutral.
  • "Even if yields remain low, the direction of travel is up – and we remain underweight developed market (DM) government bonds.
  • "For the first time, we break out Chinese assets from emerging markets (EM)as distinct tactical allocations. We believe Beijing's focus on quality growth should bear fruit, keeping us tactically neutral on Chinese equities but heavily overweight strategically."
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