MorganStanley|aseaech,GLOBALINSIGHT2021GlobalStrategyOutlookKeep Faith in the Recoveryeanthefsithe Dicine COMD.19casesare a risk. but keep thefaith. WethinlGlobalAssetAllocation this globalrecovery ls sustainable, synchronous and supportedby polio. following muchofthe hormal ost recession laybok. Overwelghtequities and reitagainst cashand govern.iment Bondsment bonds, and sel USD. Be patient in comm odities; we think that index-level returns willtotal returns through end-2021. We are O/W cvclicals and U/WttUSsmall-caps to outperformlarge-caps. Wethinkthadia toO/W.WeseetheS&P500 at3,900Creditbetween strong globalgACGB10yversus NZGB10yandlong CAGB10y versus UST10)y. WeseeUST10vrat145%bvend-2021GovernmentBondsss: Better global growth and the availability of aCOVID-19 vaccine cause the DXY to weaken *4% by end-2021 and that weakness to befrontloaded. NOK. SEK, NZD, AUD and EUR should outperformereducedupsideinEMcredit and localrates,andwe'dbeneutralEMFXstilloffersvalue:topcurrenciesinclude INR.IDR.RUB.ZARgions,wefavorHYoverlG and posl-vor leveraged loansoverHYedon hold untillate 2023 and asshouldfollow the portfolio balance channel.Werec,ownin quality and up in iskacrossthe secauritized space, weexpecteStronzer growth. higher inflation and aSupply/demand dyramisaresupportive incoperand naturalgas, andmore negativehnolland iron ore.2021 may be a turning point for gold, and we revise our price forecast lower2021OutlooksThecentralized colletionftrall20210ctlocksGloballv,
MorganStanley GLOBALINSIGHTRESEARCHKontributorsAndrewSheetsDavidS.Adams, CFAJayBacow2402076772905148MORGANSTALEY&COINTERNATONLPLCHMORGANSTANLEY&CO.LLCMaxSBlassBarbaraABoakyeSusan Bates07677-956961-1654akya@morganatanley.aomMORGAISTANLEYASIALIMTEDMORGANSTANLEY&CO.LLOMORGANSTANLEY&CO.LLCMin DaiGuneetDhingra,CFAJamesEganStanga239-79B32761-1445212761-4715estChinga@marganstankeyconMORGAVSTANLEYASIALIMTEDMORGANSTALEY&COINTEANMTONALALCNMORGAVSTANLEY&CO.LLConathanFGarnerAl&GGuerriniMatthewHornbach14207425-0055AixcGueriri@morgarstarkey.comMathon3artbachgmorganstrleycomMORGANSTANLEY&CO.LLCMOAGANSTALEYACOINTERINATONLPLCHMORGNSTANEYBO.NTERNTOULPICHAndresJaimeStephanMKesslerJaiparanSKhurana+1212296-5570MORGANSTANLEY&CO.LLCMORBANSTALEYACONTERNTONALPLC+BorisLernerhesKLord+1212761075876774254=Apalysempbe y on-1 s fflitesae no egistered wih INRA, a ot be sscitedprsonsof te membr and my otbe subjec to NASD/NSE esictinsoncommuication wit asubect ompan y pub e apeanes a rading secrties eld by areach an l yt acount,
MorganStanley|ReseanchGLOBALINSIGHTMORGANSTANLEY&CO.LLCWantingLowPhanikiranLNaraparajuVishwasPatkar44207425-68411677-5065121201001StratogisMORGANSTANLEYASIALIMTED+KelynPangNaomiZPooleMartijnRats,CFA820407425-9714iPade@marganstarley.comMartijn.Rats@morgarstarley.comMORGANSTANLEY&CO.LLOSrikanthSankaranGrahamSeckerSheenaShahtragia6188ikanth.Sarkanan@mangeShemaShsorganstanley.conMORGANISTANEY&C.NTERNMATIONAPLCNMORGANISTALEYMFGSEGUATIESO.,ITDAMORGAVSTANLEY&CO.LLCTonySmallKoichiSugisakiSerenaWTang+44207677-2571+18136836-8428+1212761-3380Tany.Smallorganaanlzy.comMORGANSTANLEY&CO.LLCMORGAVSTANLEY&CO.LLCVishwanathTirupatturSimon WaeveMic...
