Global
Our 2025 Outlook was just published. We revisit this year’s calls and discuss what we think is ahead for the global economy and markets for the next 12 months and beyond. The recent US election has significantly shifted our economic and market outlook. A…
The November Ifo Business Climate index for Germany missed expectations, falling to 85.7 from 86.5 in October. Both subcomponents decreased, with the Current Assessment sliding 1.4 points to 84.3 and Expectations essentially flat at 87.2. The data confirm…
Flash PMIs for November extended recent global growth trends. US growth is holding up despite an ailing manufacturing sector, while the rest of the world shows deteriorating weak growth. The US composite beat expectations and accelerated to 55.3 from 54.1…
Prior to Nvidia reporting, 76% of S&P 500 companies beat earnings expectations while 61% beat on sales. Nvidia beat earnings expectations, but the magnitude by which guidance beats the most optimistic analyst expectations is decreasing. During our BCA…
Our Global Asset Allocation team analyzed the performance and allocation strategies of 79 US public pension funds, providing insights across governance, scale, and liquidity. Strategic Asset Allocation (SAA) is the most significant driver of fund…
Our Global Investment Strategy team examined the risk of a fiscal crisis amid rising global debt levels. Stabilizing the US debt-to-GDP ratio would require a nearly 4% GDP improvement in the primary budget balance at current Treasury yields. Reducing…
Our Commodity and Energy strategists believe a supply-demand deficit will emerge in 2026, and widen into the end of the decade. Copper demand is set to grow over 4% annually between 2025 and 2030, fueled by the green energy transition, data center…
The crypto complex has rallied relentlessly since the election, with Bitcoin reaching an all-time high over $90,000. The rationale behind the recent rally is simple. President-elect Trump was friendly to crypto on the campaign trail. Furthermore, his victory…
According to the latest update of the Central Bank Monitors from BCA’s Global Fixed Income strategists, economic weakness and diminishing inflation pressures warrant a shift towards easier global monetary conditions. The most hawkish signals come from the…
This week, we update our Central Bank Monitors (CBMs), that help us calibrate how monetary policy should be adjusted in developed-market economies. Our conclusion is that while overall, easier monetary settings are required, there a few trade ideas that arise from the divergences in signals amongst G10 countries.