Throughout this cycle, US housing has defied expectations. Overall home prices have never fallen since the pandemic, even as the Fed has conducted its second most aggressive tightening campaign in history. Today, home price…
Retail gasoline prices have surged 13% since the beginning of the year, boosted by resilient global demand and geopolitical tensions. A key question for investors pertains to the ability of US consumption to sustain further…
Q1 earnings results of the largest US banks have demonstrated that the engine of recent growth in profitability, NII, has faltered as funding costs are rising fast. However, the resurgence in non-NII thanks to a revival in corporate…
Export dynamics of small open economies are a bellwether for global growth. The latest Taiwanese and Korean export numbers are consistent with a revival in global trade. Taiwanese export orders grew by 1.2% y/y in March…
UK retail sales volumes were flat in March, a decrease from the 0.1% growth registered in February and disappointing expectations of a 0.3% m/m increase. The details were mixed, with automotive fuel and non-…
BCA’s US Beige Book Monitor – an indicator we use to gauge changes in the language of the Fed’s Beige Book report and which historically tracks US GDP growth – has improved in April. Nevertheless…
Developments in US multi-family housing are particularly relevant for the inflation outlook since they inform the future direction of shelter inflation – an important component of CPI inflation. Indeed, the Zillow multi-…
In this note, we preview the Q1-2024 earnings season, give our take on expectations and share what we will be watching.
Chinese economic data releases painted a mixed picture of domestic conditions on Tuesday. Chinese real GDP growth accelerated from 5.2% y/y to 5.3% y/y in Q1 2024, beating expectations of 4.8% and suggesting that economic…
According to BCA Research’s US Equity Strategy service while Telecoms are not attractive on a strategic investment horizon, as a low-beta defensive sector they offer excellent downside protection for a portfolio. The…