Equities
The South African government seems to believe that some fiscal retrenchment can stabilize the public debt-to-GDP ratio. But that’s a misconception. The country will need draconian spending cuts to achieve this.
Our European strategists looked at the European defense sector after the massive rally following Germany’s fiscal turnaround. The rally in European defense stocks, up over 100% since their March 2023 recommendation, is overextended. While the long-term…
Recent years were marked by US equities rebounding from each drawdown to re-test all-time highs. The best absolute-return strategy has been to “buy the dip” and close your eyes. Is it still the case? The short answer is no, as the US economy and markets…
Our US Equity strategists assessed what companies are saying about tariffs, the US dollar, and the US consumer during their latest earnings calls. Q4 earnings were strong, with earnings and sales growth exceeding expectations. However, 2025 earnings…
Join our webcast as we break down what’s next for European vs. U.S. equities—and where the best opportunities lie.
Trump’s foreign policy can be explained by rational US interests, but it requires settling the trade war with allies sooner rather than later. Book gains on EUR-USD for now.
Investors should not chase the rally in European defense names any further. Too much good news has been priced in too quickly.
Despite our Global Investment strategists’ bearish stance, their latest report reviews scenarios that could be bullish for equities. Our colleagues remain bearish on equities, expecting a US recession this year. However, several upside scenarios could…
This week, our three screeners cover equity plays in US OAS Spreads, US Exceptionalism, and “DIVE”.
A reoccurring theme in client discussions has been how cheap US small-cap equities could siphon allocation away from their richly-valued large-cap peers. But valuations are no one’s friend in a drawdown. While the S&P 500 is in correction territory at 10%…