Highlights The post-pandemic investment phase is just a continuation of the post-credit boom investment phase. This is because the pandemic has just accelerated the pre-existing shifts to a more remote way of working, shopping and…
The S&P 500 continues to climb, registering fresh highs. However, other parts of financial markets are signaling greater caution about the growth outlook. Cyclical equity sectors have been underperforming defensives since…
Stocks and bonds have been sending a contradictory signal. US 10-year Treasury yields stand 45 bps below their late March peak - reflecting both technical factors as well as heightened global growth uncertainty and pandemic fears…
IHS Markit's flash PMIs for August reveal a bifurcated economic performance among major developed markets. Economic activity continues to be weighed down by negative pandemic dynamics in Australia and Japan where COVID-19…
Dear Client, I will be on vacation next week. In lieu of our regular report, we will be sending you a Special Report written by my colleagues Chester Ntonifor, BCA Research’s Chief Foreign Exchange Strategist, and Matt Gertken,…
Global risk assets struggled on Thursday. Stock markets in Asia and Europe ended the day in the red, cyclical commodities such as oil and metals declined, and the VIX spiked to near 25 before receding to 21.6. The proximate cause…
Canadian, UK, and Euro Area CPI prints for July were released on Tuesday. The UK’s core CPI grew 1.8% y/y and Canada’s three core measures average 2.5% y/y. Meanwhile, the Euro Area faces relatively mute core inflation at 0.7% y/…
Our Global Fixed Income team’s Duration Indicator suggests that slowing growth momentum will continue weighing down on government bond yields. However, major economies are likely to continue growing at an above-trend pace and…
Highlights Global growth is peaking, which makes it important to monitor the risks for signs that it is time to reduce equity exposure. We are especially focused on five risks: 1) The emergence of vaccine-resistant Covid variants; 2) a…
Our Colleagues at BCA Research’s Equity Analyzer recently used their new Equity Analyzer macro sensitivities tool to combine their bottom-up quantitative framework with our Fixed Income strategists’ top-down theme to identify…