The Conference Board Consumer Confidence index unexpectedly shed 6.9 points to 98.7 in September. Both the Present Situation and Expectations components declined, by 10.3 and 4.6 points respectively. The decline in morale in…
In a widely expected move, the Reserve Bank of Australia kept the cash rate unchanged at 4.35% in September. All measures of Australian CPI inflation remain well above the RBA target range. The Commonwealth Energy Bill Relief…
We update our corporate default rate model and consider the implications for corporate bond spreads.
Preliminary estimates suggest that activity continued to slow across DM economies in September. Manufacturing PMIs contracted at a faster pace in the US, Eurozone, Germany, France and Australia, and grew at a slower pace in…
The PBoC lowered the 14-day reverse repo rate by 10 bps on Monday, a move that follows a string of easing measures in late July when the central bank lowered the 7-day reverse repo rate, several maturities of the loan prime rate…
The European Central Bank (ECB) cut rates by 25 bps in September. It did not signal consecutive rate cuts and we highlighted that the short inter-meeting timeframe between September and October provides little scope for ongoing…
According to BCA Research’s European Investment Strategy, the low rate of innovation in Europe is a major problem for the economy. Not only does it prevent Europe from standing at the technological frontier, but it also…
The Bank of Japan’s policy normalization has been accompanied by exceptional outperformance by Japanese banks. Japanese banks have outperformed both the country’s broader market as well as the MSCI ACW Banks index by…
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most carry investors have covered their positions. Away from day-to-day noise, the longer-term trajectory of yen exchange rates…
