The CRB Raw Industrials Price Index has been relatively stable over most of 2023. To the extent that the index contains non-tradable raw materials such as burlap, hide, rosin, and tallow, it is less influenced by speculative…
Results of the ZEW survey of investor sentiment delivered a mixed signal on Tuesday. On the positive side, the indicator of economic sentiment for Germany unexpectedly ticked up from -12.3 to -11.4, surprising expectation of a…
In this week’s report, we assess the key reasons why the dollar has risen, and if that is set to continue.
Strategists arguing for an end of the outperformance of US equities over international stocks have pointed to the lofty valuations of American stocks vis-à-vis their global counterparts. Moreover, they have highlighted…
Since the beginning of the year, our equally-weighted global cyclicals index has outperformed equally-weighted defensives by about 13%. As the chart above shows, this relative performance trend has been extremely positively…
According to BCA Research’s Global Investment Strategy service, the structural bull case for carbon credits remains compelling. However, tactical investors should brace for prices to plateau or even correct over the next 12…
If we look at global growth as an aircraft, the plane is experiencing failing engines and will lose more altitude in the coming months. Yet, neither Chinese authorities, nor the Fed or the ECB will be quick to come to the rescue as…
The broader rally that started in June is premised on a Goldilocks narrative that will prove to be a fairy tale. Either by stubborn inflation. Or, by higher unemployment that shows that the war on inflation is far from costless. Or,…