In a note, JP Morgan equity strategist Marko Kolanovic has once again weighed in on the negatives for stocks:
- the disinflation thesis is likely to be challenged during 1H24 as the disinflation process stalls
- equities appear overbought given low implied cash allocations and low short interest
- risks are rising for geopolitics to drive both a risk-off shift and a boost to inflation via increased shipping costs
Kolanovic has been bearish for quite some time indeed.
