Economy
The unwind of yen carry trades caused violent tremors across the globe. Was this shock a one-off event or the prelude to more troubles?
In this monthly review, we give our take on where bond yields and the dollar are headed. This is within the lens of revisiting our fundamental indicators.
The market backdrop changed a lot between the preparation and the publication of our equity downgrade report. We publish this companion Insight to help investors navigate the new environment.
Over the past few weeks, global equities have been hit by rising scepticism over the bullish AI narrative and increasing concerns over global growth. Stocks should stabilize in the near term, but the medium-term direction is to the downside. We expect the S&P 500 to drop to 3750 in 2025 and the 10-year Treasury yield to fall to 3%.
