The Norwegian krone’s fortunes have recently reversed. It has been the best performing G10 currency since the end of May. This comes after a period of pronounced weakness during which it was the only G10 currency to…
BCA Research’s US Bond Strategy service cautions against turning bullish on corporate bonds. Corporate bonds have delivered strong excess returns versus duration-matched Treasuries during the past two months. Yet the…
Nonfarm payroll employment increased by less than anticipated in July, rising by 187 thousand versus expectations of 200 thousand. In addition, the June increase was revised down from 209 thousand to 185 thousand. Similarly,…
The S&P 500 has had a rough start to August. The index’s selloff since the end of July has pushed it down by 2.4%. Notably, the weakness is broad-based with all S&P 500 sectors in the red over this period. This…
On Friday, shipping giant Maersk delivered a pessimistic outlook for global trade. Although the company raised its 2023 earnings forecast, the upgrade comes on the back of a better-than-anticipated performance in the first half…
Ever since the bottom below 0.96, the euro has staged a powerful rally. At 1.1, the euro is up 14.6% from its lows. The key question going forward is if investors should chase the rally, or fade strength in the common currency…
According to BCA Research’s Global Investment Strategy service, EM ex-China equities have potential to outperform China and DM in the remainder of the year. Relative to their own history and compared to other EMs,…
The first half of the year was characterized by a two-speed economy. Manufacturing bore the brunt of the weakness while the services sector remained resilient. However, the global composite PMI corroborates the signal from DM…
As expected, the Bank of England delivered another 25 basis point rate increase at its Thursday meeting, lifting the policy rate to 5.25%. Going forward, Bailey – not unlike his counterparts at the Fed and ECB –…
The recent ‘Goldilocks’ stock market rally is predicated on the hope that developed countries really can kill inflation without killing their economies. But one important warning sign suggests that the rally has gone…