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1、October15,201809:37AMGMTMorganStanleyGlobalMacroForumTheRollingBearMarketHitstheLastBastion:GrowthOctober15,2018AndrewSheets–ChiefCross-AssetStrategist/StrategistMORGANSTANLEY&CO.INTERNATIONALPLC+MichaelWilson–ChiefUSEquityStrategistandChiefInvestmentOfficerofInstitutiona
2、lSecurities&WealthManagement/EquityStrategistEllenZentner–ChiefUSEconomist/EconomistVishwanathTirupattur–HeadofUSFixedIncomeResearch/StrategistMORGANSTANLEY&CO.LLCVishwanathTirupatturisafixedincomestrategistandisnotopiningonequitysecurities.EllenZentnerisaneconomistandis
3、notopiningonanysecurities.Theirviewsareclearlydelineated.Duetothenatureofthefixedincomemarket,theissuersorbondsoftheissuersrecommendedordiscussedinthisreportmaynotbecontinuouslyfollowed.Accordingly,investorsmustregardthisreportasprovidingstand-aloneanalysisandshouldnotexp
4、ectcontinuinganalysisoradditionalreportsrelatingtosuchissuersorbondsoftheissuers.MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStan
5、leyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwit
6、hFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoNASD/NYSErestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.MichaelWilsonChiefUSEquityStrategist&CIOofMorganStanleyWealthManagementandInstitution
7、alSecuritiesOvertheLastMonth,USLargeCapStocksAretheOnlyAssetClassOutperformingCPIRankingAug-18Latest1Russell2000S&P5002S&P500Russell20003REITSUSHY4USHYUS2Yr5US2YrCommodities6USAgg.BondGlobalHY7MSCIJapanUSAgg.Bond8US10YrUSIG9GlobalHYUS10Yr10USIGMSCIJapan11MSCIEuropeREITS12
8、InflationBondsInflationBonds13CommoditiesEM$SovCredit14EM$SovCreditEMLocalDebt15MSCIEMMSCIEurope
