The ECB cut interest rates by 25 bps for the third time this year, lowering the deposit facility rate from 3.5% to 3.25%. While the ECB is avoiding explicitly committing to a path for policy, President Lagarde’s repeated…
US retail sales beat expectations in September, rising 0.4% from August when growth was essentially flat. The control group also beat expectations at 0.7% month-on-month, accelerating from 0.3%. Growth was however somehow weak on…
Recent economic data surprises drove equities and bond yields higher, putting our US Investment Strategy team’s bearish views to the test. They recently published a piece assessing their views considering these bullish…
Japanese core machinery orders decreased by 1.9% in August and dropped 3.4% year-over-year, missing expectations for modest growth. This decline reversed July’s improvement, when machinery orders grew at an 8.7% annual pace…
Banks reported an increase in loan demand from both firms and households in the European Central Bank’s Bank Lending Survey, marking the first rise since 2022. This demand increase occurred as lending standards for firms…
While recent cross-asset developments have sent a risk-on signal, with equities and bond yields both higher, the commodity complex has recently been sending a more somber message. “Dr. Copper” is a bellwether for…
Third-quarter earnings season has started last week for banks, with most major banks reporting earnings above expectations so far. Our US Investment strategists routinely analyze the big banks' earnings calls to gauge…
Recent positive US economic surprises drove cross-asset pricing, pushing both equities and Treasury yields higher. What do these yield levels mean for the Treasury market, and what path can we expect looking forward? Our US…
After improving throughout the summer, the October release of the first monthly regional Fed manufacturing survey sent a negative signal about US manufacturing activity. General business conditions from the Empire State…
Canadian headline inflation rose 1.6% year-over-year in September, lower than the expected 1.8% and down from 2.0% in August. This was also its slowest pace since February 2021. The decrease was mainly driven by gasoline prices,…