The ISM PMI sent a pessimistic signal about US manufacturing conditions in June. The headline index dropped 0.9 points to a 3-year low of 46.0 – it eighth consecutive month below the 50 boom-bust line. This is consistent…
The performance of financial markets continued to improve in June, with most of the major financial assets we track generating positive abnormal returns. The US equity rally – which had been narrowly concentrated among…
In June, the rally gained momentum and broadened due to positive economic data, particularly in the housing market. We expect cheaper cyclical sectors and styles to mark a change in leadership as the rally broadens, helped on by…
The June NBS PMI data revealed that growth conditions have deteriorated on the margin. The new orders and exports for overall manufacturing as well as for services have not improved and remain below 50. In addition, the import…
This chart breaks down the factor exposure of the top performers in the US large cap space relative to the largest 500 stocks in the US to see how the current market leaders compare to history relative to their peers. The values…
In this Strategy Outlook, we present the major investment themes and views we see playing out for the rest of 2023 and beyond.
Our Emerging Markets Strategy’s Reflation Confirming Indicator has been gapping down, signaling a material rebound in the broad trade-weighted US dollar. The broad trade-weighted US dollar is a counter-cyclical currency…
The Japanese yen was the worst performing major currency on Friday. The weakness followed news that the BoJ kept its policy rate untouched at -0.1% – as widely expected – and did not make any changes to its yield…
Preliminary results of the University of Michigan Consumer Sentiment survey sent a positive signal about household morale in June. The Sentiment index rose by a greater-than-anticipated 4.7 points to 63.9 on the back of…