According to BCA Research’s European Investment Strategy service, the underperformance of European assets relative to the US is due its lagging productivity, even after adjusting for sectoral compositions in their stock…
The JPM Global Manufacturing PMI improved from 50.0 to 50.3 in February, indicating that global manufacturing activity is growing again after having contracted for 18 months. Notably, new orders expanded from previously…
Economic sentiment has improved since the December FOMC meeting, with positive momentum extending into February. The chart above neatly summarizes the impact that the Fed’s projected easing has had on sentiment, both on…
Swiss annual inflation continued to decelerate in February, with headline CPI now at 1.2% and core at 1.1%. This is remarkable since inflation continues to track well below the 1.8% forecast by the Swiss National Bank (SNB) for…
China’s NBS PMI release indicates that the Chinese growth is stabilizing at a low level. The composite PMI came in at 50.9 – unchanged from January. The stabilization was led by the non-manufacturing sector though…
We feel as good about spurning the soft-landing narrative today as we did about spurning the recession narrative a year ago, but we are not giving into complacency. This week’s report looks at two key ways that we may be getting it…
According to BCA Research’s Geopolitical Strategy and The Bank Credit Analyst services, trade policy under a second Trump presidency represents the greatest cyclical risk to investors. In 2018, the Trump administration…
The global equity rally – which fizzled at the start of the year – picked up steam again in February with nearly all major regions posting above average returns. After having underperformed last year, Chinese stocks…
As we highlighted in a previous Insight, the breadth of the US equity rally has been relatively narrow, led by extremely strong gains among Big Tech stocks. Tech is still the best performing sector, with the S&P IT price…