- Goldman Sachs has downgraded its outlook on equities to "neutral" over the next 12 months, saying there's no particular reason to own them.
- "Until we see sustained signals of growth recovery, we do not feel comfortable taking equity risk, particularly as valuations are near peak levels," the firm said in a research note.
- Goldman also upgraded commodities to "neutral" on a three-month basis, stayed "overweight" on credit over both 3- and 12-month horizons, and remained "underweight" on bonds.