In this Strategy Outlook, we present the major investment themes and views we see playing out next year and beyond.
The pandemic gave older Americans and Brits a massive carrot and stick to retire early. The carrot being a surge in wealth, the stick being a risk to health. In other major economies, the carrots and sticks were smaller or non-…
Preliminary estimates indicate that Japan’s manufacturing PMI dropped to 49.4 in November from 51.8 in October, marking the first monthly contraction since mid-2020. The service sector also stagnated from previously…
The narrative that the US can tolerate much higher interest rates, compared to the rest of the world has helped the dollar in 2022. In this report, we examine the sustainability of this thesis, from our holistic assessment of global…
Japan’s economy unexpectedly contracted by 0.3% q/q in Q3 (annualized decline of 1.2%), following 1.1% q/q growth in Q2 (annualized 4.6%) and disappointing expectations of a lower yet still positive growth rate. However…
This week’s report examines the state of the global monetary tightening cycle and addresses some frequently asked questions about the Fed’s QT program. New yield curve trades are recommended for the US and German yield curves.
Stay short Greater China assets. Stay long Japanese yen. Hold back on Brazil for now but look forward to opportunities in future.