Highlights EM tech stocks are overbought while banks are fundamentally vulnerable due to bad-loan overhang. EM stocks have never decoupled from the U.S. dollar and commodities prices. There has been no recovery in EM corporate…
Highlights Recent U.S. economic data have surprised to the upside, raising the odds of a December rate hike. U.S. GDP growth is likely to accelerate further in 2017 on the back of stronger business capex, a turn in the inventory cycle…
The volte-face being attempted by OPEC and non-OPEC producers in an attempt to keep oil prices above a pure-competition market-clearing level arises from the dire financial circumstances key states in both camps find themselves. Now…
We recommend deploying the proceeds of our E&P downgrade into oil & gas field services. The typical conditions required for energy services share price outperformance are falling into place. First, oil consumption is growing…
The energy sector is up marginally from its lows when compared with the overall market, an abysmal performance given the rally in crude oil and natural gas. Our strategy has been to keep only a market neutral weight on the overall…
The mini-consolidation in equities reflects the ongoing tension between market-supportive liquidity and a sketchy corporate profit backdrop.
Our Fourth Quarter Strategy Outlook presents the major investment themes and views we see playing out for the rest of the year and beyond.
It's hard to make a case for attractive returns from any asset class over the next year. We dial down risk a bit but ending our overweight on junk bonds. Investors should pick up yield where they can but without taking excessive risk…
We put the odds of an oil-production freeze agreement between OPEC and Russian officials next week in Algiers at slightly better than a coin toss.