Markets are down again today (MSCI world index down 0.7 pct so far this morning) and the market overall is nearing a bear market territory again (from a three-year high hit in May).
Say this for Morgan Stanley — it is not afraid to buck the trend. With world stocks up more than five percent in the few days that have been April trading and up 24 percent since hitting a low on March 9, the bank has decided bale out. In its latest strategy report, MS says it is moving 5 percent out of stocks to neutral. It likes cash.