Listen to a short summary of this report. Executive Summary Recession Checklist US stocks were down almost 20% at their lowest point in May. Any lower and they would be pricing in recession.…
Listen to a short summary of this report. Executive Summary The US Inflation Surprise Index Has Rolled Over Global equities are nearing a bottom and will rally over the coming months as…
Executive Summary The structural downtrend in Chinese bond yields has a lot further to go, because it is helping to let the air out gently of stratospheric valuations in the real estate sector, and thereby preventing a hard landing for…
Highlights Chart 1Reduce Credit Exposure Corporate bond spreads staged a nice rally during the past month. The average index spread for investment grade corporates is only 22 bps above its pre-COVID low and 33 bps above last…
Listen to a short summary of this report. Executive Summary Tighter Financial Conditions May Affect Growth It is still possible that equities can outperform bonds over the next 12 months, but the…
Executive Summary Hopes of an imminent peace deal between Russia and Ukraine will be dashed. The conflict will worsen over the coming days. As was the case during the original Cold War, both sides will eventually forge an…
Dear Client, The subject of cryptocurrencies elicits more emotion that any topic I can think of. As is true for the broader investment community, there is no unanimity of opinion among BCA strategists on the matter. This week, our…
Highlights Global equities are poised to deliver mid-to-high single-digit returns this year, with the outlook turning bleaker in 2023 and beyond. Non-US markets are likely to outperform. We examine the four pillars that have…