Our US Investment Strategy service examines the state of consumer finances in the context of their view that a recession will materialize this year with a double-digit peak-to-trough decline in S&P 500 earnings expectations…
The market narrative continues to be dominated by the Magnificent Six, which drove both market performance and strong Q4 earnings results. While all sectors and styles have recently turned green, the rally is still mostly narrow.…
China’s NBS PMI release indicates that the Chinese growth is stabilizing at a low level. The composite PMI came in at 50.9 – unchanged from January. The stabilization was led by the non-manufacturing sector though…
Swiss annual inflation continued to decelerate in February, with headline CPI now at 1.2% and core at 1.1%. This is remarkable since inflation continues to track well below the 1.8% forecast by the Swiss National Bank (SNB) for…
Economic sentiment has improved since the December FOMC meeting, with positive momentum extending into February. The chart above neatly summarizes the impact that the Fed’s projected easing has had on sentiment, both on…
The JPM Global Manufacturing PMI improved from 50.0 to 50.3 in February, indicating that global manufacturing activity is growing again after having contracted for 18 months. Notably, new orders expanded from previously…
The preliminary Eurozone inflation release suggests that price pressures eased by less than anticipated in February. Headline CPI inflation slowed from 2.8% y/y to 2.6% y/y (slightly above expectations of 2.5% y/y. Similarly,…
As we highlighted in a previous Insight, the breadth of the US equity rally has been relatively narrow, led by extremely strong gains among Big Tech stocks. Tech is still the best performing sector, with the S&P IT price…
The global equity rally – which fizzled at the start of the year – picked up steam again in February with nearly all major regions posting above average returns. After having underperformed last year, Chinese stocks…
According to BCA Research’s Geopolitical Strategy and The Bank Credit Analyst services, trade policy under a second Trump presidency represents the greatest cyclical risk to investors. In 2018, the Trump administration…