LIVE MARKETS-U.S. investors are looking beyond Wall Street

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U.S. INVESTORS ARE LOOKING BEYOND WALL STREET

A clear message is emerging from UBS's recent client meetings: North American investors are increasingly looking to go international, driven largely by mounting concerns over the dollar.

The Swiss bank says non-U.S. stocks, which account for more than a third of the MSCI AC World index, are firmly back on the radar screen, with dollar sentiment described as "almost universally bearish".

Importantly, few clients are worried about the overall direction of equities, with around 80% keen to discuss UBS's "melt-up" scenario and offering little pushback against it.

"Broadly speaking, the consensus was that if growth is revised up and the Fed cuts, then investors should stay long risk assets," UBS strategists led by Andrew Garthwaite wrote.

Regionally, emerging markets stood out as the most favoured, notably Brazil and Korea, while Europe attracted selective interest linked to domestic consumption themes. China remained slightly out of focus, and there were no questions on the UK.

(Danilo Masoni)

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