(New York)

The trade war is scaring investors and tightening up markets. Benchmark indices have had a rough time this week and new data on investor flows should add to worries. UBS group, the world’s largest wealth manager, has just put out data on the holdings of its high net worth portfolios. The info shows that the world’s wealthy have 32% of their capital sitting in cash. In the US the figure was lower, at just 23%. UBS think that investors have become too conservative.

FINSUM: This is actually quite a bullish indicator for us. The markets have managed to rise a lot this year and there is still a lot of dry powder to push them higher.