ASX to slip, $A resets lower, Wall Street mixed

Morgan Stanley strategist Michael Wilson is holding fast to his view that US equities are overvalued, and he also thinks there is far too much optimism about the outlook for the US economy. "In late cycle environments, it's very typical for investors to swing back and forth between soft and hard landing outcomes," Mr Wilson said in a note. "The rally in some of the major averages over the last few weeks may have investors feeling a bit better again but given the underlying weakness in breadth and in some of the more cyclical parts of the market, we think…