The European Commission voted to impose tariffs of up to 45% on imports of Chinese electric vehicles (EVs). The announcement follows previous tariffs imposed on Chinese EV imports back in June. This new round of economic…
In response to the Chinese stimulus announced in late September, our Emerging Market strategists upgraded EM equities to no more than neutral. Indeed, while these measures have triggered a sentiment-fueled rally from depressed…
September nonfarm payrolls grew by 254 thousand, from 155 thousand in August, handily exceeding expectations of 150 thousand. Pro-cyclical manufacturing jobs declined by a lower-than-anticipated 7 thousand, while leisure and…
The bond market priced out a lot of recession risk after this morning’s employment report, and the 10-year Treasury yield has moved back into the Soft Landing Zone. We assess the data and consider whether we need to change our…
The ISM services PMI grew at an accelerating pace in September, from 51.5 to 54.9, handily exceeding expectations, and extending a three-month expansion streak. Growth was broad-based with an increasing number of industries (…
Comments from Bank of England Governor Andrew Bailey on Thursday, hinting at “a more aggressive” pace of rate cuts, marked a shift in rhetoric from previous meetings which signaled a “gradual” pace. The…
We’ve highlighted over the past week that while Beijing’s stimulus package remains unlikely to trigger a meaningful business cycle revival, it nevertheless administered a shot of adrenaline leading to a sentiment-…
The S&P Global Canada Manufacturing PMI improved from 49.5 to 50.4 in September, breaking a 17-month contraction streak. It corroborated solid broad-based retail sales growth in July and August. Confidence in the outlook also…
TIPS outperformed duration-equivalent nominal Treasuries by 86 bps so far in 2024 and our US bond strategists downgraded their allocation from neutral to underweight this week. The 10-year TIPS breakeven inflation rate remains…
The JPM Global manufacturing PMI declined at an accelerating pace in September (49.6 to 48.8). Moreover, international trade flows deteriorated notably with the new export orders component falling from 48.4 to 47.5. A sector…