Gibbs shorts UK stocks on deficit fears

Jupiter's Philip Gibbs has taken a net short position on UK domestic stocks, on concerns about the rising deficit and fears of escalating gilt yields.

The Sunday Times reports Gibbs, who has assumed the position in his recently-launched Jupiter Absolute Return fund, says there is a "fairly significant" risk of price falls this year because of mounting global debt problems. Gibbs has also turned cautious on a number of bank stocks this year, selling some holdings in banks - such as Barclays, JPMorgan Chase and Goldman Sachs. "I think investors should be aware there is a fairly significant risk of price falls this year because of government deficits. On the other hand, there is economic growth, but it is not appropriate to take on too...