Our Commodity strategists stay short oil and long gold as global demand weakens and OPEC+ offers no support. Brent’s floor has likely fallen to $50, and bearish supply and demand forces continue to dominate the price outlook. …
Oil has borne the brunt of the year-to-date deterioration in cyclically sensitive financial assets. It is a key underperformer both within the commodity space and among global risk assets. This underperformance underscores that in…
Despite marginal de-escalation in tariffs between the US and China, a sustainable trade agreement remains elusive. In the meantime, economic damage continues to mount, and Chinese equities have yet to fully price in the tariff-…
Our US Equity strategists warn that tariffs will meaningfully compress S&P 500 margins, with little pricing power to offset rising input costs. A two-point hit to net margins and falling multiples will drive earnings downgrades…
Trade headlines shift too fast to interpret reliably, but cutting through the noise reveals the US is pivoting from escalation to de-escalation. As the equity and bond selloff intensified, the tone from Washington softened,…
Our Geopolitical and GeoMacro strategists recommend buying tail-risk protection and adding exposure to manufacturing-oriented EMs as the risk of US-China military escalation rises. They now see a 10% chance of full-scale war over…
Our China strategists remain defensive and tactically downgrade MSCI China to underweight, citing escalating US China tariff tensions and subdued domestic demand. Favor government bonds over equities, defensive sectors, and A-Shares…
While the United States and China may aim for full decoupling, all they can afford now is some form of trade skirmishes. Increasing economic pressure will eventually force both Washington and Beijing to pursue more proactive…