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Equities

US High-Quality Strategy: SMID Outperformance Leads the Way

The US High Quality (USHQ) portfolio underperformed its benchmark through September, returning 3.01%, whilst its SPY benchmark returned 3.91%. However, our US High Quality SMID (USHQ SMID) portfolio continues to show strength, with another solid month of performance. The portfolio returned 2.69%, outperforming its MSCI US Mid Cap benchmark by 169bps.

Equity Analyzer by Henry Tang
Shutdown Watch: It Could Go Either Way
Our US and Geopolitical strategists see 50% odds of a shutdown that lasts beyond three weeks. Investors continue to wonder whether the US federal government shutdown will last long enough, or involve large enough layoffs, to affect the underlying…
Daily Insights by Matt Gertken
Shutdown Watch: Latest Thoughts
The October 1 partial US government shutdown risks denting near-term GDP and sentiment but should present a buying opportunity if it triggers equity weakness. The US federal government partly shutdown on October 1 after the Republican-held Senate failed to…
Daily Insights by Matt Gertken
Chinese Currency, Bond Yields, And Equities

The CNY/USD has room to appreciate both cyclically and structurally, while nominal yields on China’s long-duration government bonds are set to fall. This combination supports Chinese equities. 

China Investment Strategy by Jing Sima
Shutdown Watch: Waiting For An Eleventh Hour Deal
President Trump said a partial federal government shutdown is "probably likely" late in the afternoon on September 30. Senators have until midnight to pass a continuing resolution already passed by the House that would keep the government operating until…
Daily Insights by Matt Gertken
Real Estate: Up And Never Coming?

Real Estate performance is contingent upon the Fed rate-cutting cycle. Yet, we worry about a hawkish Fed surprise and are closing our overweight in the sector. We also recommend a granular approach to subsector selection.

US Equity Strategy by Irene Tunkel
Shutdown Watch: October 1 Deadline Looms
Will the US federal government shutdown on October 1? Congressional leaders are meeting with President Trump in the White House as we go to press. If eight Democratic senators do not vote with Republicans to pass a no-frills "continuing resolution" by…
Daily Insights by Matt Gertken
European Sentiment Weakens, A Tactical Headwind for Assets
European sentiment surveys disappointed in September, pointing to a tactical headwind for assets even as the long-term outlook stays constructive. The flash consumer confidence print beat expectations but remained sluggish, while the Sentix and ZEW surveys…
Daily Insights by Felix-Antoine Vezina-Poirier
Short Japan, Long Freight: Trade the Gap
Sell Japanese equities and buy global transportation stocks to capture an overdue mean-reversion in trade-exposed assets. Our Chart Of The Week comes from Mathieu Savary, Chief DM ex. US Strategist.  The post-Liberation Day rally lifted the unhedged…
Daily Insights by Mathieu Savary
Mexico: Ride The Bond Train
Banxico cut rates to 7.5%, reinforcing our call to go long Mexican local bonds and overweight Mexico across EM portfolios. Inflation is within target, giving policymakers space to ease. Sound fiscal management and strong external accounts continue to support…
Daily Insights by Juan Egana, Armen Hamazaspyan

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