Relatively low real yields were a big support for equity valuations, so a break higher would indicate that stocks will have to rely on earnings not multiple expansion to drive them higher, Sheets and his colleagues wrote.
LONDON: Morgan Stanley’s infrastructure arm offered to buy VTG AG in a deal that values the German wagon-hire and rail-logistics company at 1.53 billion euros (US$1.79bil), sending the shares up the most in seven years.
The infrastructure firm, which already owns 29% of VTG, is offering 53 euros a share in cash for the rest, Morgan Stanley said in a statement, confirming a Bloomberg News report from earlier in the day.
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