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RBS cries 'sell everything' as deflationary crisis nears
By Ambrose Evans-Pritchard
The Telegraph, London
Monday, January 11, 2016
RBS has advised clients to brace for a "cataclysmic year" and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel.
The bank's credit team said markets are flashing stress alerts akin to the turbulent months before the Lehman crisis in 2008. "Sell everything except high-quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small," it said in a client note.
Andrew Roberts, the bank's credit chief, said that global trade and loans are contracting, a nasty cocktail for corporate balance sheets and equity earnings. This is particularly ominous given that global debt ratios have reached record highs. ...
... For the remainder of the report:
http://www.telegraph.co.uk/finance/economics/12093807/RBS-cries-sell-eve...
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