'Relax... It's Just Rational P&L Protection': Nomura Strategist Says 2026 Outlook Still Tilts Bullish

Current waves of weakness in equities are just PnL protection reflecting de-positioning out of prior "excess", according to Nomura cross-asset strategist Charlie McElligott, who notes that the price-action and $flows show consistent unwind / liquidation / de-grossing / netting-down of previously popular trades, but critically, no wholesale shift in 'macro regime' inputs at this time.