China's industrial profits delivered a positive signal over the past couple months. Total profits expanded on a year-on-year basis in both August (+17.2% y/y) and September (+11.9% y/y). Rebounding industrial profits is…

  In a recent Insight we highlighted that the S&P 500's year-to-date rally is narrow in breadth and that the equal weighted index has erased all its year-to-date gains. This is also true in the case of the Euro Area where…

  The European money market curve anticipates three rate cuts by October 2024. This pricing is appropriate considering the outlook for European growth next year. BCA’s Europe strategist expect a recession in the second half…

  The US PCE report confirmed the signal from Thursday's preliminary GDP release that consumer spending was resilient in Q3.  Although personal income growth unexpectedly slowed, both nominal and real spending growth…

  Friday's Tokyo CPI release suggests that inflationary pressures are picking back up again in Japan. Headline inflation accelerated to 3.3% y/y – surprising expectations it would remain unchanged at 2.8% y/y. The ex-…

  Recent US data reveals that consumer spending has been extremely robust in the US (see The Numbers). Personal consumption expanded by 4.0% q/q annualized in Q3, helping lift aggregate economic growth. Nevertheless, Consumer…

  The US Q3 GDP release delivered a positive signal about the US economy. Economic growth accelerated from 2.1% q/q to 4.9% q/q on an annualized basis – beating expectations of 4.5%. A significant acceleration in consumption…

  As expected, the ECB kept policy on hold on Thursday. In a unanimous decision, it maintained the deposit rate at an all-time high of 4% following 10 consecutive increases. Ultimately, the tone of the communication was on the…

  Although luxury goods producers are facing headwinds, the top end is still holding up well. Hermes, which represents the top-end of the luxury sector, reported a 16% increase in sales in the third quarter, of which half came…