Punk Ziegel in the US last week told us this was a once in a generation opportunity to buy banks. Now in Europe Teun Draaisma and colleagues at Morgan Stanley say its time to purcahase top notch credit. On Tuesday, during early trade in London, not a single Footsie stock languished in negative territory as the FTSE 100 jumped 3 per cent.
How brave is this call? After all, pinpointing a market turning point is supposed to be a mugs game. Consider a few charts from Sempra Metals’ John Kemp:
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