Highlights Near record high levels for stocks are not an impediment to gains in the stock-to-bond ratio in the next 12 months. Minutes from June's FOMC meeting confirmed that policymakers agree that monetary policy should continue…
Highlights EM equity breadth has moved into negative territory, DM-based excess liquidity measures are set to roll-over, and China-based liquidity measures are also weak. Individually, each of these factors are not enough to raise…
Highlights The rise in global bond yields has been largely "reflective" of stronger global growth rather than "restrictive." Stay cyclically overweight global equities. The Fed has more scope to raise rates than…
Highlights The euro area's structural growth prospects (adjusted for demographics) are no different to any other developed economy such as the U.K., U.S. or Japan. Liberated from the headwinds of its own policy errors, the euro…
Highlights Chart 1Too Pessimistic On Growth Treasury yields bounced sharply last week and the yield curve steepened. As a result the Bloomberg Barclays Treasury index posted a negative return in June, only the second month of…
GAA DM Equity Country Allocation Model Update The GAA DM Equity Country Allocation model is updated as of June 30th, 2017. The model has continued to reduce its allocation to the U.S. and now for the first time the U.S. allocation is…
Highlights Central Banks: The sharp sell-off in global bond markets last week was triggered by more upbeat comments on growth and inflation by several major central bankers, most notably ECB President Mario Draghi. ECB Tapering:…
Highlights Portfolio Strategy Reviving global trade and an enticing domestic operating backdrop mean that, after a 5-month hiatus, it is once again time to ride the rails. Even a modest reacceleration in global export volumes and…