LIVE MARKETS-Equity positioning turns overweight - Deutsche Bank
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EQUITY POSITIONING TURNS OVERWEIGHT - DEUTSCHE BANK
In its weekly investor positioning note, Deutsche Bank strategists say their measure of equity positioning has risen again this week to turn overweight for the first time since February, but not yet to extended levels.
"As we have laid out over the last few weeks, even with equities at record highs, positioning is not yet elevated," Deutsche Bank strategists, led by Parag Thatte, say in a note.
"Resilient earnings growth suggests room for equity positioning to keep rising."
Earnings season has got off to a solid start.
Of the 59 companies in the S&P 500 that had reported earnings for Q2 up to Friday, 81.4% beat analyst estimates, according to LSEG I/B/E/S. This compares to a long-term average of 67.1%.
"In the absence of a clear negative catalyst, there is room for positioning to continue trending higher," Deutsche Bank says.
(Samuel Indyk)
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