Highlights All three of Trump's signature policy proposals - fiscal stimulus, a more restrictive immigration policy, and trade protectionism - are dollar bullish. The implementation of these policies could cause the U.S. economy…

Highlights We remain positive on Chinese stocks both from structural and cyclical point of view, especially on H shares. In the near term, stay on the sidelines due to developing global uncertainty. The Q3 earnings scorecard of listed…

Highlights The credibility of ECB QE is set to diminish, one way or another. Stay long euro/dollar. Expect a continued compression in the German Bund yield spread versus the U.S. T-bond. Until the U.K. Supreme Court provides further…

Special Report

Highlights Trump won by stealing votes from Democrats in the Midwest. His victory implies a national shift to the left on economic policy. Checks and balances on Trump are not substantial in the short term. U.S. political…

Special Report

Highlight Growth perked up in the major economies in October, and the manufacturing recession appears to have passed without event. The October employment report testified to the underlying health of the U.S. economy and clears the…

Highlights De-globalization is accelerating. Europe is holding together, with populism in check. China power consolidation reflects extreme risks. Brexit is more likely, not less, after court ruling. Feature Chart I-1America Has…

Special Report

Highlights Trump won by stealing votes from Democrats in the Midwest. His victory implies a national shift to the left on economic policy. Checks and balances on Trump are not substantial in the short term. U.S. political…

Special Report

Highlights Donald Trump's momentum in the national polls has been arrested; Colorado, Pennsylvania, New Hampshire and Florida are key states and Clinton is up in all of them; We are forecasting a narrow Clinton victory; Trump…

Highlights Today, we are sending out a previously scheduled Special Report, highlighting our thoughts on the how to assess the impact of China on global bond markets. This is an important topic that we hope you will find of great…

Highlights Bond yields have room to move higher in the near run, but a move above 2% would represent a buying opportunity. U.S. elections are too close to call. Even if Trump wins, we caution that federal fiscal spending programs will…