Chinese retail sales grew 3.7% y/y in May, from 2.3% in April, upending expectations of a more muted 3.0% increase. The government appliance trade-in program has likely boosted these figures. Sales of home-related goods such…
Gold prices might experience a correction or consolidation over the near term. However, cyclical and structural forces will ultimately cause the yellow metal to trend upwards.
In this insight, we update our thinking on the recent BoJ move in terms of positioning for the yen and JGB yields.
According to BCA Research’s Global Investment Strategy service, aggressive fiscal stimulus and labor market flexibility contributed to the relative strength of the US consumer. However, adverse region-specific effects also…
In a largely expected move, the Bank of Japan kept its policy rate unchanged at 0-0.1% in June. It maintained the pace of bond buying at JPY 6tr per month but signaled it would lay out a plan to reduce its balance sheet next…
The preliminary University of Michigan gauge of consumer sentiment unexpectedly dropped in June to 65.6 from 69.1, against expectations of improving morale. Consumers’ assessments of current conditions declined by a larger…
The BoE had to deal with a stagflationary headache in the second half of 2023. Inflation was stickier and growth was weaker in the UK than in many of its DM peers. This trend turned around earlier this year with a late-cycle…
Chinese new loans grew from CNY 10.2 tr to CNY 11.1tr in May, disappointing expectations of CNY 11.3tr. Year-to-date aggregate financing also came short of anticipations, growing from CNY 12.7tr to CNY 14.8tr. Notably, the…
Global consumer spending is likely to slow over the coming quarters, culminating in a major economic downturn in late 2024 or early 2025. Investors should maintain benchmark exposure to equities for now but look to turn more…