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Capex

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Time To Play Defense

Crucial leading indicators of the global and European economies continue to deteriorate. How should investors position their European portfolios to benefit from these trends?

European Investment Strategy by Mathieu Savary
BoC Cuts Rates For Third Consecutive Month
In a widely expected move, the Bank of Canada (BoC) cut interest rates by a quarter of a percentage point for a third consecutive month in September, lowering the benchmark overnight rate to 4.25%. Policymakers also signaled further easing ahead. Both the…
Daily Insights
Durable Goods Orders’ Rebound Hides Weaker Dynamics
Preliminary estimates suggest that US durable goods orders growth rebounded sharply from a 6.9% m/m contraction to 9.9% growth in July, upending expectations of a more muted 5.0% monthly increase. However, a 34.8% m/m rise in transportation equipment orders…
Daily Insights
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The Paradox Of A Weak NOK

In this report, we gauge the reasons behind the persistently weak Norwegian krone, despite what appears to be benign domestic economic conditions.

Foreign Exchange Strategy by Chester Ntonifor, Artem Sakhbiev
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One-Two Punch

Over the past few weeks, global equities have been hit by rising scepticism over the bullish AI narrative and increasing concerns over global growth. Stocks should stabilize in the near term, but the medium-term direction is to the downside. We expect the S&P 500 to drop to 3750 in 2025 and the 10-year Treasury yield to fall to 3%.

Global Investment Strategy by Peter Berezin
US Consumers More Pessimistic About Current Economic Conditions
The Conference Board measure of consumer confidence surprised to the upside, rising from 97.8 to 100.3 in July. Respondents’ more optimistic economic outlook drove the overall increase, offsetting a bleaker view of current conditions. Consumers’ assessment of…
Daily Insights
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Will The ECB Save The Day?

Investors hope that the ECB rate cuts priced into the curve will be sufficient to achieve a soft landing in Europe. History argues against this view, but will this time be different?

European Investment Strategy by Mathieu Savary
Aircraft Order Cancellations Distorted June Durable Goods Orders, But Outlook Remains Bleak
Preliminary estimates suggest that US durable goods orders plummeted in June. They contracted 6.6% m/m, largely disappointing expectations of a faster pace of growth. However, a whopping 127% monthly decrease in highly volatile commercial aircrafts orders…
Daily Insights
US GDP Surprises To The Upside
The preliminary release of Q2 2024 US GDP surprised to the upside on Thursday. The US economy grew 2.8% on an annualized basis, and 3.1% on a year-over-year basis. The two largest drivers of the acceleration were consumption (mostly in goods) and gross…
Daily Insights
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Europe Trembles At the Trump Tremor

As Trump’s victory odds rise, the underperformance of European equities deepens. How negative would a global trade war be for European assets?

European Investment Strategy by Mathieu Savary

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