MacroQuant sees the risks to US growth as being to the downside and the risks to inflation as being to the upside. Such a stagflationary brew justifies an underweight on stocks.
BCA’s US Equity strategists recommend building or adding to cybersecurity positions. The industry remains a strategic long-term theme with improving fundamentals and reduced valuation risk. The sector’s defensive characteristics,…
Are bunds the new Treasurys? The euro and German debt are gaining favor as safe havens, but markets may be overplaying the shift. Our latest report dissects what's durable, what's not, and how to trade the dislocation.
BCA’s House View recommends staying underweight stocks versus bonds, even in a stagflationary scenario. The US and global economies are likely to enter a recession this year unless tariffs are swiftly reversed or meaningful fiscal…
Based on valuations, equities have not yet bottomed. Our Chart Of The Week comes from Jonathan LaBerge, Chief Strategist for our Special Reports Unit. Jonathan builds on his recent work on equity bubbles to model the expected…
Although the sell-off in the US dollar and relative outperformance of non-US stocks will pause over the coming months as a global recession begins, the fading of US exceptionalism will still cause the dollar to weaken and US stocks…
The US dollar’s underperformance since Liberation Day highlights shifting dynamics in global markets, but the recent “Sell America” move is overdone. During April’s market turmoil, the dollar failed to act as a safe haven, with US…
April PMIs confirm global growth is stalling, reinforcing our overweight in government bonds and underweight in risk assets. Services witnessed the worst deterioration, but manufacturing is still contracting even if broadly stable.…
Our US Equity strategists warn that tariffs will meaningfully compress S&P 500 margins, with little pricing power to offset rising input costs. A two-point hit to net margins and falling multiples will drive earnings downgrades…