Morgan Stanley: Commodities up, growth down equals price “test”

Morgan Stanley with the note:

2021 has been a harder year for many investors than the headline indices imply. It’s been a year where ‘ESG’ and ‘Quant’ remain key structural trends in the investment community. And it’s been a year that has seen an almost constant, running debate over the outlook for growth and inflation. Commodities, it just so happens, find themselves at the center of all these stories.

Let’s start with the challenging year. The casual observer could be forgiven for thinking that 2021 has been a walk in the park, with global equities returning 16% through September 1, with historically low volatility.

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