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Morgan Stanley strategists warning of...>

US COMMENTS
US COMMENTS: Morgan Stanley strategists warning of potential recession over
midterm. Citing their "cycle model" has "has shifted out of 'expansion' to
'downturn' for the first time since 2007" while data recent data has been better
than average "but deteriorating." 
* Cross Asset Strategist Serena Tang notes "this phase-change has historically
meant a worse backdrop for returns and higher chances of recession or a bear
market, and formed a key part of our mid-year outlook." In case you missed it --
the 3M10Y yld curve also extended inversion to new 12 year low overnight
(-27.806). 
* In a separate note over the weekend, MS warned of growing chances of global
recession "'in three quarters' if Trump escalates trade war," CNBC reported.

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