Dear Client, Instead of our regular report next week, we will be sending you BCA Research’s Annual Outlook, featuring long-time BCA client Mr. X, who visits towards the end of each year to discuss the economic and financial market…
Highlights New recommendation: Go neutral growth versus value on a 6-12-month horizon… …and exploit the greater opportunities within the growth universe and within the value universe. Within the growth universe,…
The chart above shows the 7-day average in new COVID-19 cases per capita for the US and developed markets ex-US. The chart illustrates both positive and negative news. On the positive side, lockdown measures outside of the US…
The chart above presents an estimate from Bruegel, a European think tank, of the immediate 2020 fiscal impulse as a % of GDP for the US and several European countries. Bruegel’s approach breaks down discretionary fiscal…
Highlights Stocks jumped earlier this week on encouraging news on the vaccine front. While we remain positive on equities over a 12-month horizon, we would stress five vaccine-related risks that stock market investors should be…
Highlights The vaccine promises an eventual return to “normal” life – just as Americans voted to “return to normalcy.” Markets are cheering and hinting at an eventual rotation into value stocks. The…
Highlights US Election & COVID-19: Joe Biden’s apparent victory in the US presidential race, as well as the announcement of a potential successful COVID-19 vaccine trial, are both bond-bearish outcomes. This is especially so…
Since the onset of the COVID-19 pandemic, global investors have become accustomed to tracking new case counts as a leading indicator of both consumer spending and the likely response of policymakers. While the pace of…
Alternative, high-frequency indicators of economic activity highlight that the US and euro area economies are already slowing in response to a new wave of COVID-19 infections. The chart above highlights Bloomberg's…