MORGAN STANLEY: Everything that used to make sense in markets just doesn't connect anymore

Cross-asset correlations that existed in markets before the 2016 US election have crashed for the first time in over a decade, according to Morgan Stanley.
"'Crash' is not a term used lightly (indeed our editors here at Morgan Stanley won't let us use it without a good reason)," Phanikiran Naraparaju and a team of strategists wrote in a note on Friday.
"But we struggle to think of another word to describe just how much, and how sharply, cross-asset correlations have fallen. In just four months,