/STOCKS: And Barclays analysts also said...>

US BONDS: /STOCKS: And Barclays analysts also said "the main question facing

investors, just as in Q3, is whether valuations and positioning point to a

tactical pull-back from risk. We think the answer is still no."

- They said "this year's equity rally has been driven by earnings growth, not

multiple expansion; while the pace of this growth might slow, stocks should

still out-earn bonds."

- They also "do not see a plausible catalyst that could upset valuations in

risky assets for the rest of 2017. As a result, we would still be long global

equities over global fixed income."

- They add that "while we recommend non-US equity markets, a sharp de-rating of

US stocks seems unlikely. We also recommend US high yield and parts of EM

credit, forecast a mild rise in safe-haven yields, and expect the USD to take a

breather from recent weakness for a few months before resuming its downward

drift."