BCA Research is proud to announce a new feature to help clients get the most out of our research: an Executive Summary cover page on each of the BCA Research Reports. We created these summaries to help you quickly capture the main points…
The J.P. Morgan Global Composite PMI eased from 54.3 to a 18-month low of 51.4 in January. While the Global Manufacturing PMI released earlier this week moderated, the deterioration was particularly pronounced in the service…
BCA Research is proud to announce a new feature to help clients get the most out of our research: an Executive Summary cover page on each of the BCA Research Reports. We created these summaries to help you quickly capture the main points…
The ISM report suggests that while manufacturing activity decelerated in the US in January, it ultimately remains relatively elevated. The headline index declined from 58.8 to 57.6– broadly in line with expectations of 57.5…
The rapid rise in government bond yields has weighed down on the performance of global equity markets in January (see Market Focus). In an Insight on Tuesday, we showed that global equities that entered the year with the richest…
Highlights The selloff in equities since the start of the year marks a long overdue correction rather than the start of a bear market. Stocks often suffer a period of indigestion when bond yields rise suddenly, but usually bounce back…
Highlights In the short term, the US stock market price will track the 30-year T-bond price, with every 10 bps move in the yield moving the stock market and bond price by 2.5 percent. We think that the bond market will not allow the…
Earlier this week, we showed the performance of major global equity indices so far this year and highlighted that they are a mirror image of last year’s performance. Last year’s outperformers are underperforming so…
South Korea’s exports for the first 20 days of January are signaling that global trade remains robust. The growth rate of exports accelerated to 22% y/y from the prior month’s 20% y/y. Although this is significantly…
Dear Client, The subject of cryptocurrencies elicits more emotion that any topic I can think of. As is true for the broader investment community, there is no unanimity of opinion among BCA strategists on the matter. This week, our…