Dear Clients, This week we have an abbreviated Weekly Report followed by a Special Report penned by my colleagues Jeremie Peloso and Arseniy Urazov on the Fed’s “mid-cycle adjustment” and sector performance. I hope…
Highlights Disappointing economic data outside the U.S. and the inversion of the 2-year/10-year portion of the Treasury curve have overshadowed positive developments on the trade front. Global growth should improve later this year,…
Highlights The failure of the dollar to break out amid one of the most bullish fundamental catalysts in months suggests that many opposing tectonic forces are at play. Our bias is that short-term and longer-term investors are caught…
Highlights A lot has changed in a week and a half, … : The FOMC meeting that we thought would mark the end of global market-moving news until September turned out to be a prelude for the real fireworks. … as U.S.-China…
Just as it appeared the slowdown in global industrial activity had run its course, commodity markets face another test of demand resiliency brought on by exogenous political shocks (Chart Of The Week). As luck would have it, these…
Dear Client, In case you missed it in real time, please listen to a replay of this quarter’s webcast ‘The Investment World in 5 Charts and 18 Minutes’ available at eis.bcaresearch.com. Also please note that we will be…
Highlights Chart 1Keep Tracking The CRB / Gold Ratio The Fed cut rates by 25 basis points last week, a move that Chairman Powell described as an “insurance” cut meant to counter the risks from trade tensions and…
Feature The global manufacturing cycle looks dire at the moment. Around the world, manufacturing PMIs have fallen, profit growth has slowed, and capex has been reined back (Chart 1). This is clearly a risky moment for the economic…
Feature GAA DM Equity Country Allocation Model Update Chart 1GAA DM Model Vs. MSCI World The GAA DM Equity Country Allocation model is updated as of July 31, 2019. The quant model reversed its abnormal upgrade of…
Highlights Portfolio Strategy Despite the Fed’s supra natural powers, the deep rooted global growth slowdown will likely win the tug of war versus flush liquidity, especially if the trade war spat stays unresolved and the U.S.…