The growth rate of Singapore’s non-oil domestic exports slowed from 12.4% to a 9.0% annual rate in June. Although it is a noisy series, this latest move is consistent with the broader trend in the growth rate of exports,…
Executive Summary China: GeoRisk Indicator A new equilibrium between NATO, which now includes Sweden and Finland, and Russia needs to be reestablished before geopolitical risks in Europe subside. Russia aims to inflict a…
In this Strategy Outlook, we present the major investment themes and views we see playing out for the rest of the year and beyond.
Executive Summary At our monthly view meeting on Monday, BCA strategists voted to change the House View to a neutral asset allocation stance on equities, with a slight plurality favoring an outright underweight. The…
Listen to a short summary of this report. Executive Summary Higher Real Yields Have Weighed On Equity Valuations I had the pleasure of visiting clients in Saudi Arabia, Bahrain, and Abu Dhabi last week.…
The relative performance of global small cap stocks vis-à-vis their large cap peers has recently stabilized. Both the small cap and large cap MSCI ACWI total return indices are down roughly 12% year-to-date in USD terms.…
BCA Research’s Growth Tax Indicator continues to send a negative signal for the economic growth outlook. The indicator is constructed to reflect that rising Treasury yields, a flattening yield curve, elevated and increasing…
The JP Morgan Global Services PMI’s Business Activity Index was unchanged at 52.2 in May, reflecting a stable pace of expansion. Meanwhile, accelerating input prices amid a slowdown in prices charged bode ill for global…
Global semiconductor stocks underperformed the broad market in the year-to-date equity selloff. However, over the past month they are up on both an absolute and relative basis. Have semiconductor stocks bottomed? The rollout…
BCA Research’s Global Investment Strategy service concludes that China faces a number of economic woes, but these are fully discounted by the market. What has not been discounted is a broad-based stimulus program focused on…