UBS Global Wealth increases global equity exposure following 'Red October' sell-off

The firm had reduced its equity exposure in August due to escalating trade tensions between the US and China, but said the recent "disproportionate" correction has created buying opportunities in the asset class versus high grade bonds over the next six months. ‘Red October' saw major losses across equity markets as a result of concerns around quantitative tightening and FAANG valuations, with the S&P 500 suffering a monthly loss of 6.9%, its worst month since September 2011, while the MSCI All Country World index recorded its worst month since May 2012, dropping 7.6%. Despite the mag...