BCA’s Private Markets & Alternatives strategists recommend a balanced allocation across Public and Private Infrastructure, with near-term valuation favoring Public. Structural differences in index construction, sector mix, and…
Deteriorating macro momentum supports a defensive asset allocation stance as hard data deteriorates. Last week’s ISM Manufacturing and Services PMIs confirmed that growth is slowing and price pressures are easing from a high level.…
Stronger-than-expected June inflation will likely keep the Riksbank on hold in August, despite soft underlying trends. Headline inflation accelerated more than expected to 0.5% m/m (0.8% y/y), while CPI ex-housing rose to 2.9% y/y…
Our European Investment strategists upgrade small caps to maximum overweight, citing improving margins, supportive macro trends, and attractive valuations. They expect small caps to continue outperforming large caps over the next 12…
Labor market cracks reinforce long duration and steepener positioning as growth risks mount. Job market data has looked strong on the surface, but the details of the June employment and JOLTS reports confirm a slowing trend within…
Canada’s stronger currency and tightening financial conditions point to further BoC easing and support long Canadian bond positions. The CAD has appreciated this year alongside the global push to diversify away from USD assets, which…
Downward pressure on the pound will rise in the coming months. Inflation will go up, so will bond yields. It’s time to book profits on Egyptian domestic bonds.
There is a thin line between geopolitical risk and Enlightenment, just ask Europe in the seventeenth century. The Middle East is exhibiting both. Investors are over-indexing on the negative – which has not impacted the investible…
MacroQuant’s US equity z-score is dangerously close to the -1 threshold. Moves below that threshold have reliably coincided with equity bear markets in the past. As such, MacroQuant recommends an underweight on stocks, offset by an…
Tech-led momentum is driving the S&P 500 to new highs despite weak growth and rising cyclical risks. The rally has accelerated following a de-escalation in geopolitical tensions and ongoing hopes for positive trade developments.…