Tell tail signs: March 2019 - Any more catalysts for risk assets?

20/03/2019

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​Janus Henderson’s US-based Multi-Asset Solutions Team present their latest Tail Risk Report, using options market prices to infer expected tail gains and losses for each asset class. Today, the signals indicate that the ‘level of cheapness’ of global equities has drifted from the extremely cheap levels seen at the beginning of the year, to just average levels today.

Key takeaways:

  • US equities have been the bedrock of the global equities rally for the past several years, however, an inflection point may be forming. In fact, Asian equities have overtaken US equities as the most attractive equity region.
  • The report suggests that India and Korea are two of the most attractive countries globally, both of which are showing a high expected upside-to-downside ratio.
  • Meanwhile, the European banking sector appears to be the most attractive global sector.


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