This report looks at investment implications, for Norwegian assets, given the recent meeting, from the Norges Bank.
Japan’s inflation pulse remains firm, reinforcing our long JPY stance and cautious view on JGBs. Tokyo CPI for March surprised to the upside, with headline inflation slightly up at 2.9% y/y and “core core” accelerating above the BoJ’…
Stocks will continue to struggle in the second quarter as President Trump tries to implement tariffs. Tax cuts will only temporarily dispel growth fears, if at all. Middle Eastern instability will add oil price surprises to an…
UK financial conditions have tightened just as economic surprises have turned negative, an uncomfortable combination that reinforces our tactical positioning. We remain overweight UK gilts within a global bond portfolio and are…
Our Emerging Market strategists downgraded Brazilian equities as public debt dynamics deteriorate and macro fundamentals weaken. While they previously maintained a neutral stance despite being bearish on the Bovespa, the risks have…
Brazilian policymakers are stuck between a rock and a hard place. There is no combination of fiscal and monetary policies that can assure decent growth, on-target inflation, a stable exchange rate, and public debt sustainability. We…
Gold is testing the $3,000/oz level. The yellow metal had a great run, outperforming every DM currency for the past few months. Despite rising real yields since the beginning of the year, gold prices are up nearly 15%.The…
This report is our Part III series on valuation and subsequent returns, where we recalibrate our short-term models to emphasize signals over the next nine-to-twelve months. We will henceforth call these models STTM: Short Term Timing…
Our Emerging Markets strategists assessed Colombian assets after a significant rally. Colombia faces deep-rooted macroeconomic challenges that will not be easily reversed by a right-wing government in 2026. Public debt is on an…
The ECB cut rates as expected, but rising yields and a stronger euro are tightening financial conditions just as fiscal policy shifts the macro landscape. With more rate cuts ahead and market positioning stretched, we outline the key…