The equities analysts at Swiss-based UBS are taking an increasingly dim view of the U.S. and global economies and are suggesting that investors should be reducing their equity exposure from “overweight” to what they call a “neutral tactical stance” of stocks, bonds and cash.

Equity market strategists Stephen R. Friedman and Thomas Berner, in a new report, cite an extremely weak Philly Fed Index last week and yet another weak housing report as clear indicators that the U.S. economy is “on the brink of a recession” even as other data still point to “very slow but positive growth.”

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