European flash PMI estimates for November sent a slightly less pessimistic signal on Thursday. The Eurozone composite PMI climbed by 0.6 points to 47.1, beating expectations of a more muted increase to 46.8. Notably, both the…
Global cyclical sectors are outperforming defensive sectors on a year-to-date basis. The bulk of this outperformance occurred in the first seven months of the year. Relative valuations contributed to this dynamic as last year…
Contrary to the prevalent belief in the global investment community, goods/merchandise inventories in the US and East Asia are rather elevated. Financial markets respond to final demand fluctuations, not inventory restocking. Global…
US durable goods orders delivered a negative surprise on Wednesday. New orders for manufactured durable goods dropped by 5.4% m/m in October, below consensus estimates of a 3.2% m/m decline. Moreover, the September increase was…
In the recently held Polish general elections, the ruling Law & Justice Party (PiS) lost power. Chances are that a coalition led by the Civic Platform party will form a government next month. The new coalition ran on a pro…
Confidence is on the mend in the Euro Area. The rebounding ZEW growth expectations index reveals that investors are becoming more optimistic. The German IFO's business climate index inched higher in October for the first time…
Global equities have had a stellar 2023, rising by 16% year-to-date and outperforming global bonds by roughly the same amount. However, the large concentration of US stocks in the Magnificent Seven has called into question the…
According to BCA Research's Emerging Markets Strategy service, the Chilean peso’s depreciation is already quite advanced. Over the next few months, the CLP will remain under downward pressure due to a likely…
Tuesday’s CPI release confirmed that the disinflationary trend in Canada remains intact. After a brief relapse this summer, Canada’s inflation is headed in the right direction. As anticipated, headline CPI inflation…
The minutes of the Fed's latest FOMC meeting revealed that there is a consensus among policymakers to proceed carefully. Another rate increase is appropriate only if "incoming inflation indicated that progress toward the…