Nearly all US states have begun the (gradual) process of reopening their economies. Reopening initiatives have improved equity market sentiment, but it has also given rise to fears among some market participants that premature…
An analysis on Turkey is available below. Highlights Due to the sizable stimulus announced by the NPC, we are upgrading our outlook for Chinese growth for this year. Nevertheless, in terms of investment strategy, we are…
Highlights The good stock market = ‘growth defensives’ like technology that benefit from lower bond yields. The bad stock market = ‘value cyclicals’ like banks that suffer from lower bond yields. Structurally…
Highlights Risk assets continue to ignore the dire state of the economy. “Don’t fight the Fed” will dictate investment policy for the coming months. Populism and supply-chain diversification will…
Highlights Portfolio Strategy The Fed’s extremely easy monetary backdrop along with easy fiscal policy remain the dominant macro themes, and they will continue to underpin the equity market. We remain constructive on the equity…
Yesterday, BCA Research's US Investment Strategy service concluded that although the Fed will do "whatever it takes" it cannot defend the economy from monumental job losses all by itself. It seems reasonable to…
Highlights Economic conditions are quite bad, … : Stay-at-home orders have decimated economic activity, giving rise to massive layoffs. … but policy makers embarked on a mighty initial effort to limit the longer-run…
After collapsing by 71% between mid-February and early April, global flight numbers are once again increasing, rising 162% between April 12 and May 21. This improvement overstates the pick-up in the number of passengers as flights…