Word on the Street
MS on institutional equity positioning, BNP risk-off FX trades, and some Jackson Hole commentary from BofA.
Time for a rundown of what’s been going on between the desks this week. Even though most were sitting on their hands waiting for Powell’s Jackson Hole speech on Friday, there was a host of cross-asset analysis outside of US monetary policy that caught our eye.
Morgan Stanley reviewed the Q2 13F filings from institutions, providing insights into how and where funds were positioned. BNP looked at where potential risk-off hedges could be found within FX, and notably doesn’t see CHF as the place to be.
After we cut our copper longs, UBS revealed they see near-term downside but remain bullish into 2026. Finally, we note some thoughts from the BofA Global Research desk following the Jackson Hole symposium.
Let’s start with the MS report about fund allocations…
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