Highlights We now recommend that investors maintain a neutral stance towards stocks versus bonds in a global multi-asset portfolio. We also recommend that investors increase their allocation to government bonds within a global fixed…
Eurozone economic confidence fell 1 point to 104.0 in June, slightly above expectations of 103.0. Deteriorating consumer morale (which fell from -21.1 to -23.6) offset improvements in industrial (from 6.5 to 7.5) and services…
The European energy crisis remains a dark cloud over the Eurozone economy. Indeed, our European Investment strategists have shown that since Q2 2021, the performance of Euro Area financial assets relative to their US counterparts…
The “cost of living crisis” is weighing down on UK consumers. The volume of total retail sales fell by 0.5% m/m in May, and the measure that excludes auto fuel declined by a greater magnitude of 0.7% m/m. Consumer…
Executive Summary Russia Squeezes EU Natural Gas Major geopolitical shocks tend to coincide with bear markets, so the market is getting closer to pricing this year’s bad news. But investors are not out of the woods…
Economic data in the Eurozone continues to soften. Preliminary estimates indicated that the EC Consumer Confidence deteriorated further in June, despite expectations it would improve. Sentiment among Euro Area consumers declined…
The primary macroeconomic problem the world currently faces is containing rising inflation, especially the kind that is supply-side driven. This problem has become particularly acute in recent months since both equity and bond…
Executive Summary At our monthly view meeting on Monday, BCA strategists voted to change the House View to a neutral asset allocation stance on equities, with a slight plurality favoring an outright underweight. The…
Executive Summary Structural Tailwinds For The Franc Volatility in FX markets is likely to remain elevated, as witnessed by the reaction of a full circle of central bank meetings this week.Policy convergence remains a good bet for…