Insights

China’s economic growth will stagnate, at best, rather than revive. Lower valuations of Chinese equities are justified, and share prices have more downside. The RMB will continue to depreciate versus the US dollar. ...

In this insight, we look at whether the recent data justifies a shift by the BoC, and some potential trades. ...

In this insight, we look at whether the recent data justifies a shift by the BoC, and some potential trades. ...

In this insight we suggest two ways clients can use Equity Analyzer to navigate the evolving crisis in the Middle East. The first minimizes commodity exposure and the second uses relies on the BCA Score to add exposure to high quality Energy and Aerospace and Defense stocks. ...

Europe’s weak patch is not about the ECB’s policy tightening, at least not yet. 2024 is another story, and the ECB’s policy will prompt a Eurozone’s recession around the summer. ...

The biggest banks report that consumer credit card delinquencies still have yet to get back to pre-COVID levels and other credit performance indicators, leading and lagging, remain solid. There is still a great deal of cash sloshing around the banking system, though consumption has clearly slowed. W...

There is a high probability that the global economy will tip into recession in the second half of 2024. A long yen position is an excellent hedge against that risk. ...

Despite higher uncertainty, our Brent price forecasts remain unchanged at just over $101/bbl for 4Q23 and $118/bbl for next year. We remain long equity exposure to oil and gas producers via the XOP ETF, and commodity exposure via the COMT ETF. We also remain long $100 Dec24 Brent calls and long 1Q24...

The Hamas attack against Israel, timed almost 50 years to the day after a similar surprise attack on Yom Kippur of 1973, has evoked parallels with the 1970s. Parallels not only with Middle Eastern geopolitics then and now, but also with inflation, economics, and financial markets. In this report, we...

In this report, we present the quarterly review of the Global Fixed Income Strategy Model Bond Portfolio. The portfolio remains positioned for slower global growth momentum over the next 6-12 months, favoring government bonds over corporate debt. The portfolio also favors government bonds in countri...