On the surface, US housing market data is sending conflicting signals. On the one hand, both the FHFA as well as the S&P CoreLogic gauges of US house prices surprised to the upside in July and are now expanding on both a…
BCA Research’s China Investment Strategy service estimates that China’s oil demand growth will decline from 12% year-on-year in the past eight months to a still robust 4%-6% in the next six-to-nine months. China…
Bulls and bears have capitulated, and the majority of the clients surveyed expect a rangebound market in the near term. Our fair value PE NTM indicates that the S&P 500 is only modestly overvalued. The continued outperformance…
Thursday’s release of US weekly jobless claims and continuing claims delivered a positive surprise about labor market conditions. The decline in initial jobless claims to an eight-month low of 201 thousand came in below…
According to BCA Research’s US Bond Strategy service, the 2006/07 roadmap remains a good one for bond investors. The Fed held the funds rate steady this afternoon and made no material changes to its policy statement.…
After a steady rebound in the first half of the year, the US NAHB Housing Market Index’s 5-point decline to 45 in September was a disappointment to consensus estimates of a 1-point decrease. It marks the second consecutive…
The US CPI release showed monthly inflation accelerated in August. While the increase in headline inflation from 0.2% m/m to 0.6% m/m was in line with consensus estimates, the core index’s 0.3% m/m rise came in slightly…
A sharp drop in the US labor force participation rate was among the pandemic disruptions that contributed to tight labor market conditions. The total participation rate collapsed from 63.3% in February 2020 to 60.1% in April 2020…
The Euro Area’s industrial production figures for July sent a disappointing signal on Wednesday. The 1.1% m/m decline in output fell below expectations of a smaller 0.9% m/m decrease. On a year-over-year basis, IP…