BCA’s European Investment Strategy team continues to expect the German economy to trail that of the rest of Europe. Since 2020, Germany has fallen behind, with its real GDP lagging that of the broader Eurozone by 5%. The…
The Bank of Canada (BoC) kept its policy rate steady at 5% for the sixth consecutive meeting yesterday, in line with expectations. The BoC, which has changed its communication policy to now provide a press conference after every…
The US January JOLTS data released yesterday was in line with expectations, with job openings clocking in at 8.86 million versus a downwardly-revised 8.89 million in December. Importantly, US job openings are likely to continue…
Expected inflation has surged to its highest level in a year. This has surprised many people, but expected inflation is behaving just as expected. Expected inflation is not a prophecy, it is just a mathematical function of delivered…
Our US Investment Strategy service examines the state of consumer finances in the context of their view that a recession will materialize this year with a double-digit peak-to-trough decline in S&P 500 earnings expectations…
The stock market of the Eurozone’s largest economy keeps grinding higher with the DAX 40 closing at new highs last week. Since its October low, the index of German blue-chip companies advanced by 20%. Does this rally…
We noted in a previous Insight that recent comments from Raphael Bostic, President of the Federal Reserve Bank of Atlanta, may reflect a growing realization among policymakers that they have inadvertently caused a…
Data out of Norway is becoming increasingly positive, and there is a strong investment case to be made for the country, with bullish implications for both equities and the currency: Retail sales remain robust and are…
The US ISM Services PMI declined slightly to 52.6 in February, just below expectations of 53. Overall, the service sector continues to expand, however, the recent ISM suggests that growth is slowing down. In fact, most of the…
The market narrative continues to be dominated by the Magnificent Six, which drove both market performance and strong Q4 earnings results. While all sectors and styles have recently turned green, the rally is still mostly narrow.…