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RBS Says Switch to Cash to Avoid 'Nasty' Selloff
By: CNBC.com | 18 Jun 2008 | 06:32 AM ET
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The Royal Bank of Scotland issued a stark warning to investors Wednesday, stating global stock and credit markets could be on the verge of a steep market sell-off as central banks have their hands tied by soaring inflation, the Telegraph reported.

"A very nasty period is soon to be upon us - be prepared," Bob Janjuah, credit strategist at RBS, told the UK daily paper.

The S&P 500 index is likely to slump by more than 300 points by September, according to a report from the bank’s research team, as "all the chickens come home to roost" from over-easy lending practices and other excesses of the global boom period, the report quoted by the Telegraph said. 

"I do not think I can be much blunter. If you have to be in credit, focus on quality, short durations, non-cyclical defensive names. Cash is the key safe haven. This is about not losing your money, and not losing your job," Janjuah told the paper.

RBS expects US stocks to continue to gain until early July before the effects of the oil spike start to drag on momentum, the Telegraph said.

Bob Janjuah was not immediately available for comment.

© 2008 CNBC.com
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