Executive Summary EU Surprises Carbon Market With Increased CO2 Emission Allowance Supply  The EU's failed foreign policy – premised on ever-deeper engagement with the Soviet Union and, after it collapsed, Russia…

Executive Summary Villains Still Lurking  European assets and the euro already discount a significant worsening of Europe’s economic outlook. If the global economic situation were to stabilize, then European assets…

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Executive Summary Indian Voter’s Economic Miseries Are Ascendant  India has a strong strategic geopolitical position but is likely to face turbulence in the short term. This is because India remains expensive, and investors…

Listen to a short summary of this report.         Executive Summary The US Inflation Surprise Index Has Rolled Over  Global equities are nearing a bottom and will rally over the coming months as…

Listen to a short summary of this report.     Executive Summary The Dollar Likes Volatility  Uncertainty about Fed policy has supercharged volatility in bond markets, and correspondingly, USD demand (Feature…

Special Report

Executive Summary Favor ASEAN And The Philippines  Southeast Asia is suffering from fading macro and geopolitical tailwinds but there are still investment opportunities on a relative basis. The peace dividend, globalization…

Special Report

Executive Summary Biden’s Support Among Women  Investors should assume that the Supreme Court will overturn Roe v. Wade even though the odds are probably overrated. A mere modification of Roe will not have any significant…

Listen to a short summary of this report.       Executive Summary Global Equities Are More Attractively Valued After The Recent Sell-Off  We tactically downgraded global equities in late February but see…

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Executive Summary The US Still Dominates Economic Output  While the Ukraine war has been positive for the greenback, there is a slow tectonic shift away from the dollar as China rethinks holding concentrated foreign currency…

Special Report

Executive Summary Europe's Largest Import Bill: Oil  The EU crossed the Rubicon this week, proposing to eliminate Russian oil imports within six months. The speed of putting the sanctions into effect, and Russia’s…