Chinese domestic stocks have fared quite poorly over the past year. Since late-January 2023, the Shanghai Shenzhen 300 index fell roughly 24% to last week’s low, driven by ongoing weakness in China’s economy and a…
According to BCA Research’s Commodity & Energy Strategy service, the US Department of Defense’s (DoD) first-ever industrial policy – dubbed the National Defense Industrial Strategy (NDIS) – is…
According to BCA Research’s China Investment Strategy service, the current Pledged Supplementary Lending (PSL) program will provide much less support to the housing market and construction activity than the 2015-2018…
The market will eventually be forced to react to rising odds of a sharp US national policy reversal. Investors should overweight government bonds and defensive equity sectors.
The US manufacturing renaissance, spurred on by reshoring, automation, and government spending, is running its course but progress has slowed on the back of tight monetary conditions and the manufacturing recession. The deceleration…
Chinese credit dynamics remain muted with the expansion in total social financing easing from 2.45 trillion yuan to 1.94 trillion yuan in December, below expectations of a tamer slowdown to 2.16 trillion yuan. Loan growth also…
The market’s pricing of a soft landing means that geopolitical risks are becoming more, not less, relevant in 2024. US domestic divisions will invite challenges as foreign powers rightly fear that US policy will turn more hawkish…