Goldman Sachs analysts believe the positioning-driven recovery of risky assets, particularly equities, post-Brexit is likely to fade, and hence, they remain defensive in their asset allocation. Christian Mueller-Glissmann and colleagues point out in their July 11 research piece titled “Risky risk appetite reversal; Bonds to Neutral over 3-months” that post-Brexit, while risky assets have rallied again, risk-off assets too are making new highs.
Global risk appetite indicator still negative
Mueller-Glissmann and team created a global risk appetite indicator to track risk appetite . . .

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