According to BCA Research’s US Equity Strategy service, post-GFC US equity outperformance can be attributed to a perfect storm of advantageous policies and a human capital edge. The topic of American exceptionalism is…
Investors in European sovereign bonds should find solace that continental voters are not turning away from support for EU integration. As such, populist parties are not really that “far” left or right. And as long as they want to…
Japanese wage growth fell below expectations in May, expanding by 1.9% y/y versus consensus estimates calling for a 2.1% y/y increase. Although this marks an acceleration from April’s 1.6% y/y, that figure was revised down…
Second-quarter earnings season unofficially kicks off before the open on Friday, when Citigroup (C), JPMorgan (JPM) and Wells Fargo (WFC) report their results for the June 30 quarter. Bank of America (BAC), the other commercial…
France’s snap election is over and, according to BCA Research’s European Investment Strategy service, President Emmanuel Macron’s gamble paid off in some ways: neither the far right nor the far left can form a…
We expect continued softening in the US economy will lead to decelerating wage growth, muffling the principal consumption driver. Because the US has been the foremost catalyst for global growth in this cycle, a US recession will…
At first glance, France has moved to the far left. However, this coalition is fragile, and Macron’s allies still hold the balance of power. What are the assets that will benefit from this new political setup, and those that will not…
Although we ticked a second box on our checklist, the incoming data still do not indicate that a recession is imminent. We remain tactically equal weight equities with a strong bias to underweight them, but we’re not exiting the…
June nonfarm payrolls expanded by 206,000 workers, topping the 190,000 consensus expectation, but downward revisions of 111,000 jobs in April and May pulled the three-month moving average down to 177 thousand, its lowest level…
The latest release of the Canadian Labour Force Survey indicated further softening of the labor market in the Great White North. The economy experienced a net loss in total employment, shedding 1,400 jobs compared to market…