Please join Chief Strategists Mathieu Savary and Jeremie Peloso for a Roundtable on Tuesday, June 25 at 3:00 PM CEST (2:00 PM BST, 9:00 AM EDT).
June PMIs confirm low global growth and support a long duration stance as price pressures remain contained. The flash PMIs were mixed across DMs: Sideways in the US and euro area, but firmer in the UK and Japan. Yet the overall…
Geopolitical risks and fragile margins reinforce a defensive allocation stance, as oil shocks and high US equity valuations pose growing downside risks. At this month’s Views Meeting, our strategists discussed the potential fallout…
A stronger Norwegian krone has opened the door to more rate cuts, making Norwegian government bonds more attractive. Our Chart Of The Week comes from Jeremie Peloso, European Strategist. With its surprise 25 basis point cut, the…
Worsening manufacturing momentum supports a long duration stance as recession risks remain elevated. The June Philly Fed survey came in below expectations, unchanged at -4.0. While shipments increased, new orders decelerated and…
Our US Equity strategists remain cautious on small caps, as tariff exposure and slowing growth continue to weigh on this equity style. With the S&P 500 nearing its recent peak, some investors are rotating into riskier segments…
European central banks are pivoting quickly amid deflationary pressure, reinforcing our long UK Gilts and short GBP trades. The Norges Bank surprised with a 25 bps cut to 4.25%, abandoning its hawkish stance. The Swiss National Bank…
Our Geopolitical strategists expect US involvement in Israel’s military campaign against Iran, raising near-term risks to oil supply and market stability. Iran is likely to retaliate by targeting regional oil production and transport…
UK disinflation and labor market softening support our overweight in Gilts and short GBP trade. UK CPI came in slightly hotter than expected in May, with headline inflation at 3.4% y/y (vs. 3.5% in April) and core CPI meeting…
Sweden’s economic fragility and disinflation support further easing, reinforcing our long SEK rates and NOK/SEK trades. The Riksbank cut rates by 25 bps to 2.0% and projected an additional cut, consistent with prior OIS pricing.…