Our European strategists expect the EURO STOXX 50 to remain rangebound between 4750 and 5500 this summer, creating a punishing environment for buy-and-hold investors. With the index near the top of its range, they recommend trimming…
MacroQuant warns that US equities are pricing in very little economic risk. The model is shunning equities and recommends a large overweight to cash.
MacroQuant warns that US equities are pricing in very little economic risk. The model is shunning equities and recommends a large overweight to cash.
Oil, copper, and gold futures curves have experienced abnormal changes in the past few months, but a bearish global outlook will steepen contango structures across all three. Oil’s curve structure has flipped from backwardation…
The gold-to-oil price ratio seems tactically overextended, but global macro drivers suggest it will rise further. The gold bull run is still relatively young and not yet stretched compared to rallies from the past 50…
The outperformance of European small caps is coming to an end. Our Chart Of The Week comes from our European Investment Strategy team.The team identifies several headwinds for small caps in Europe in the near term. Small caps’…
Uranium spot prices may have found a floor after falling to $64/lb from a $107/lb peak in February last year. This drawdown has been unexpected considering the strength of the underlying supply-demand fundamentals for uranium.…
Tariff front-running behavior makes the April hard economic data difficult to interpret, but we take the strong reading from Food Services spending as a signal that the US consumer has not yet buckled.
Small business sentiment remains recessionary, supporting our defensive asset allocation stance. The NFIB Small Business Optimism Index fell less than expected to 95.8, reinforcing the cratering in soft data witnessed since the…
The rebound in Eurozone sentiment is encouraging but headwinds persist, justifying a defensive stance on European assets. The May ZEW expectations index jumped to 11.6 from -18.5 in the Eurozone, with Germany’s gauge also rising to…