Developed Countries

The US Remains Economically More Resilient Than Its Peers

The flash PMI estimates from S&P Global delivered a mixed message about economic conditions across DM economies in October. The Eurozone composite index unexpectedly fell from 47.2 to a nearly three-year low of 46.5 on the back of surprise declines in…

3 years ago

Essentials

Restrictive Policy Weighs On Eurozone Credit Sector

Results of the ECB's Q3 Bank Lending Survey indicate that the impact of tight monetary policy is weighing down on lending conditions and loan demand in the Euro Area. In terms of credit standards, the survey results reveal that the broad-based tightening…

3 years ago

FICC

Maintain Trades Ahead Of The BoC

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

3 years ago

FICC

Maintain Trades Ahead Of The BoC

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

3 years ago

Essentials

What The US Banks See

BCA Research’s US Investment Strategy service studied the SIFIs’ earnings calls for insights into borrower performance, lender willingness, liquidity and the actions and intentions of households and businesses.  Nothing in the banks’ commentary…

3 years ago

Essentials

US Equal Weighted Equities Have Given Up YTD Gains

This year's rally in US equities has for the most part been narrow in breadth. The 19.5% increase in the S&P 500's price index in the first seven months of the year exceeds the equal weighted index's 9.5% gain over the same period. Since then, the S&P…

3 years ago

Essentials

Eurozone Sentiment: A Self-Defeating Upswing?

The European Commission's preliminary release for Consumer Confidence painted a murky picture for consumer sentiment on Monday. The headline print of -17.9 was largely unchanged from the previous month's print of -17.8, but beat expectations of -18.3.…

3 years ago

CoreMacro

Eurozone: Recession Postponed, Not Cancelled

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.

2 years ago

CoreMacro

The Big Bank Beige Book, October 2023

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. We reiterate our view that a recession is coming, but not before the year is out.

3 years ago

Essentials

A Phase Transition Is Coming

According to BCA Research's Global Investment Strategy service, the global economy will stay buoyant over the next few quarters but will then sour as the lagged effects of higher interest rates and tighter bank lending standards work their way through the…

3 years ago

Developed Countries

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