Credit Suisse downgraded its global equities positioning from overweight to neutral in early August, and then cut it again on the 29th August from neutral to underweight. "If you want a job, you can get a job," Siu said. "From the beginning of the Covid outbreak, bond yield was 0.5%, now bond yield is 3.2%; a six-fold increase since then. Is bond yield attractive? In a recession risk scenario you do not want to be overweight high risk assets such as high yield."

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