Singapore’s exports have historically acted as a good gauge for the health of the global economy. As a small open economy that is extremely exposed to fluctuations in the Asian and global manufacturing cycles, Singapore…
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…
Once again, global cyclical stocks have recently been outperforming defensive sectors. This comes after the late-2022/early-2023 relative rally in cyclical stocks was cut short by the emergence of bank turmoil in early March.…
According to BCA Research’s newly launched Private Markets & Alternatives service, the present moment in the business cycle appears to be favorable for Private Credit relative to Private Equity. The current…
China’s economic data releases for May fell below consensus estimates. The 7.2% y/y contraction in property investment in the first five months of the year was worse than the expected 6.7% decline. The deceleration in…
As expected, the European Central Bank (ECB) delivered a 25bps rate hike on Thursday, raising the policy rate to 3.5% — the highest since August 2001. Moreover, the central bank maintained a hawkish bias, signaling…
According to BCA Research’s Counterpoint service, making inflation imperceptible will require making unemployment perceptible, meaning a recession. Our non-linear world often surprises our linear-thinking minds. For…
The US May PPI report indicates that pipeline inflationary pressures are cooling. Headline PPI inflation fell from 2.3% y/y to 1.1% y/y – below expectations of 1.5% y/y and the lowest since December 2020. PPI for final…
UK gilts have sold off sharply over the past month, particularly at the short end of the yield curve. The two-year yield has risen by over 100bps since mid-May, while 10-year yields have increased by just over 70bps –…