Last Thursday, the ECB raised the deposit rate by 75bps to 0.75% – in line with market expectations. The revised economic projections include an increase to the inflation forecasts with an average inflation rate of 8.1%…
Listen to a short summary of this report Executive Summary On the eve of the pandemic, most developed economies were operating at close to full capacity – the aggregate supply curve, in other words, had become…
Next week, on September 7-8, is the BCA New York Conference, the first in-person version since 2019. I look forward to seeing many of you there, and if you haven’t already booked your place, you still can! (a virtual version is also…
Preliminary estimates indicate that German inflation accelerated from 7.5% y/y to 7.9% y/y in August (8.8% y/y for CPI inflation calculated according to the EU’s harmonized methodology). Higher energy prices – which…
The Swiss KOF Economic Barometer continued its descent in August, falling four points to 86.5 – below its long-term average. The deterioration was broad-based with all variable groups contributing negatively to the headline…
According to BCA Research’s European Investment Strategy service, it is still too early to overweight European equities. Euro Area stocks are much cheaper than their US counterparts, but too many headwinds continue to…
Executive Summary Cheap But Challenged European equities have bottomed in absolute terms, but they are still underperforming US ones. Eurozone equities are very cheap compared to US ones, but their profitability remains…
Executive Summary Our negative view on the summer rally is coming to fruition, with equities falling back on the negative geopolitical, macro, and monetary environment. China is easing policy ahead of its full return to autocratic…
The German Ifo Business Climate Index edged down to 88.5 in August, from 88.7, above expectations of a stronger deterioration to 86.8. The current situation and expectations sub-components ticked down 0.2 points and 0.1 points,…