We would expect radical uncertainty about the future of the trading relationship with Europe, and enhanced domestic political risks. Morgan Stanley More Quotes by Morgan Stanley More Quotes From Morgan Stanley We target a 6% appreciation, which is roughly a 75% reduction in risk premia on our measure, the uncertainty is the response by the U.S. to the cyber attacks, which is a bigger risk and can cause a wobble in asset prices, but we think this might be an opportunity to increase exposure. Morgan Stanley It could (also) increase expectations of further financial aid if required. Morgan Stanley We are also neutral on EM credit, where we think that spreads are close to bottoming out. china could be the first among the major economies to start applying the brakes next year. Morgan Stanley We see a positive inflection for companies exposed to insulation demand and construction. Morgan Stanley