The geopolitical backdrop remains negative despite some marginally less negative news. China’s stimulus is not yet large or fast enough to prevent a market riot. Two of our preferred equity regions, ASEAN and Europe, are struggling…
The broader rally that started in June is premised on a Goldilocks narrative that will prove to be a fairy tale. Either by stubborn inflation. Or, by higher unemployment that shows that the war on inflation is far from costless. Or,…
The final PMIs for August delivered a pessimistic update on service sector conditions in the Euro Area and China. The Eurozone services index was unexpectedly revised down from 48.3 to 47.9 – indicating a more pronounced…
The AUD was the worst performing currency on Tuesday after the Reserve Bank of Australia kept its cash rate target unchanged at 4.1% for the third consecutive month. In particular, outgoing Governor Philip Lowe underscored that…
Global financial markets relapsed in August. After a relatively strong performance in June and July, most of the major financial assets we track generated below average returns last month as investors shifted their focus to the…
According to BCA Research’s Foreign Exchange Strategy service much of the new BRICS+ countries lack the fundamental basis of making a credible monetary union. A reserve currency needs the military might to control the…
In this report, we explore what a new BRICS+ union means for the dollar over the next 6-to-9 months.
The stock market’s pre-eminent growth sector is not US tech, it is French luxuries. No other sector can compare with French luxuries’ massive and sustained pricing power. The risk for French luxuries is not a China slowdown, the risk…
In a recent report, BCA Research’s Global Asset Allocation service updated its long-term return assumptions for a wide range of public and private assets. While still lower than the historical returns, the team’s…