Global Macro
Our Global Investment strategists are neutral on stocks for now but see an unfavorable longer-term outlook for equities. Consensus estimates point to record earnings growth on top of record-high margins, which would require unprecedented new revenue from…
Muted rates volatility remains a tactical tailwind for equities, even as front-end yields stay elevated. Something that stood out in the aftermath of the Fed meeting was the divergence between the rise in front-end US yields and flat-to-falling implied rates…
In this update, we apply our Macro Surprises framework to equities for the first time. Overall, the message is broadly consistent with our current equity views: Investors should favor Eurozone equities and continue to overweight cyclical sectors relative to defensive ones.