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…
The Eurozone's economy remains soft. Yesterday we highlighted that M3 money supply fell by 0.4% y/y in July, a rate unseen since 2010. This decline was driven by a slowdown in private sector bank lending, which confirms broad…
On the surface, the latest uptick in the General Business Activity Index of the Dallas Fed’s Manufacturing Survey suggests that manufacturing activity is no longer deteriorating at an accelerating pace. The indicator rose…
The US and China agreed to hold trade talks more regularly on August 28, even as they fell short of establishing a strategic détente or general reduction of tensions. US Commerce Secretary Gina Raimondo visited Beijing…
On Tuesday, the Job Openings and Labor Turnover Survey (JOLTS) indicated that the US labor market continues to cool. It showed job openings fell to 8.827 million in July following a downwardly revised 9.165 million in June (down…
According to BCA Research’s European Investment Strategy service, the profit outlook for Eurozone earnings continues to deteriorate. The team’s earnings model for Eurozone equities continues to point to a deepening…
With the US presidential election approaching, our US political strategists are warning investors that stock markets are not immune to politics and geopolitics. Our colleagues have shown that out of 28 bear markets since the…
Eurozone money supply data reflect the impact of the ECB’s aggressive tightening campaign on the region’s economy. Data released on Monday showed the July M3 measure of broad money (the sum of M2, repurchase…