![Morgan Stanley IM: Bear Market Rally?](/sites/default/files/styles/large/public/2022-09/GBaR-Bear%20Market%20Rally_0.jpg?itok=gT0E_wnl)
Andrew Harmstone, Manfred Hui
Evidence suggest that the recent strength in developed markets may just be a bear market rally with further downside potentially on the way. Here is how the GBaR team think about investment allocation to reflect the outlook.