Pimco's Gross Warns of Risk Assets as Aberdeen Avoids Stocks

Aberdeen Asset Management (Photo credit: Wikipedia)

Bill Gross, who runs the world’s largest mutual fund at Pacific Investment Management Co., warned against risk assets, as Aberdeen Asset Management Plc (ADN) said it’s underweight on stocks.
Asian shares extended a global rout after manufacturing gauges for the euro area, China and the Philadelphia region signaled contraction. The Federal Reserve this week refrained from introducing a third round of so-called quantitative easing even as the central bank cut its U.S. growth forecast. Gross, who manages $261 billion for the Pimco Total Return Fund (PTTRX), said in a Twitter post that risk markets are vulnerable as the “monetary bag of tricks empties.”
The Stoxx Europe 600 (SXXP) Index of shares declined 0.8 percent as of 8:52 a.m. in London, while the MSCI Asia Pacific Index lost 1.3 percent, following a 2.2 percent slide ... Continue to read.

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