Subdued demand for credit among Chinese private-sector businesses and households persisted through July. Aggregate financing missed expectations, growing CNY 0.8bn to CNY 18.9bn in July on a YTD basis. New loans grew CNY 0.2bn…
According to BCA Research’s European Investment Strategy service, investors should fade the rebound in European equities and bond yields as the euro is also at risk. Last week’s bounce in global equities is…
The unwind of yen carry trades caused violent tremors across the globe. Was this shock a one-off event or the prelude to more troubles?
The market backdrop changed a lot between the preparation and the publication of our equity downgrade report. We publish this companion Insight to help investors navigate the new environment.
German Industrial production and factory orders continued their slump in June. The usual powerhouse of the Euro Area economy has been trailing its peers throughout 2024. While both industrial production and factory orders…
The prices of multiple financial assets have failed to break above their technical resistances. When this occurs, a breakdown ensues. In brief, global risk assets remain vulnerable. We are upgrading Chinese onshore stocks from…
According to BCA Research’s US Bond Strategy service, Friday’s employment report caused financial markets to price-in some recession risk for the first time in months. The Treasury curve bull-steepened in July, a move…
Our Portfolio Allocation Summary for August 2024.
The Australian CPI release for Q2 came in broadly within expectations. Headline CPI reaccelerated to 3.8%y/y from 3.6%y/y the previous quarter. Some of the narrower measures of inflation — trimmed-mean and weighted…
According to BCA Research’s Global Asset Allocation service, while the market action of the past few weeks is pointing to a return to a negative stock-bond correlation, more prints will be needed to confirm things are…