BCA Research’s Global Duration Sentiment Indicator has declined and stabilized over the last six months, suggesting that investors should tactically increase duration exposure in global government bond portfolios. Global…
Executive Summary Hopes of an imminent peace deal between Russia and Ukraine will be dashed. The conflict will worsen over the coming days. As was the case during the original Cold War, both sides will eventually forge an…
Executive Summary US biotech is trading at its greatest discount to the market. Ever. Much of biotech’s underperformance is due to transient factors: specifically, the sell-off in long-duration bonds; the focus on delivering a…
The violent Omicron wave of COVID-19 infections has crested and it is now giving way to a normalization of economic activity. The Markit Flash PMIs’ rebound in February confirms that economies are recovering from the latest…
Executive Summary The recent 26 percent overspend on durable goods constitutes one of the greatest imbalances in economic history. An overspend on goods is corrected by a subsequent underspend; but an underspend on services is not…
BCA Research’s US Political Strategy service concludes that it is too soon to buy the dip in the S&P 500. The Ukraine crisis is not yet resolved. The peak-to-trough equity drawdown amid major geopolitical crises…
BCA Research’s Global Fixed Income Strategy service conducted a review of central bank surveys of bank lending standards and loan demand. After every quarter, major central banks compile surveys to assess prevailing…
Executive Summary The Pandemic-Led Surge In E-Commerce Spending Is Reverting Back To Trend Rising interest rates and a cooling in pandemic-related tech spending will cap the upside for technology shares over the remainder of…
Executive Summary Rising TIPS Yields = Equity Multiples Compression Equity sector and style rotations could prevent the broad equity indexes from plunging, but these rotations will not be sufficient to propel the overall…
Maersk gave a positive assessment of the outlook for global supply chains in the second half of 2022. The shipping giant expects disruptions to start easing towards mid-year as the removal of COVID-19 restrictions lead to a…