Japan’s trade balance surprised to the upside in March and revealed better-than-expected domestic and global fundamentals. Exports jumped 16.1% y/y following a 4.5% y/y decline in February, beating the anticipated 11.4%.…
Highlights Global Inflation: The case for maintaining a strategic overall allocation to inflation-linked bonds (ILBs) versus nominal government debt in dedicated global fixed income portfolios remains intact. Global growth expectations…
Highlights Structural headwinds are still too strong to hold a long-term bullish view on Eurozone equities relative to the US. However, the coming two years should be kind to euro area stocks. The relative performance of European…
In a Daily Insight on 1st April, we discussed why Japan has lagged global markets during the equity rally, despite its cyclicality, large exposure to China, and tilt towards manufacturing. Year-to-date, Japanese equities are up…
Highlights Continued upgrades to global economic growth – most recently by the IMF this week –will support higher natgas prices. In our estimation, gas for delivery at Henry Hub, LA, in the coming withdrawal season (…
The yen has been the worst performing G10 currency this year, falling 5.4% versus the US dollar since the beginning of the year. However, it bottomed on March 31 and has since gained 1.4%, making it among the best performers in…
Dear client, In addition to this abbreviated weekly report, we are also sending you an in-depth report on the euro, written by my colleague Mathieu Savary. Mathieu argues that the euro could continue to face some downside in the near-…
Japanese equities have stalled so far this year. The MSCI Japan index is up a negligible 0.8% in US dollar terms, underperforming the MSCI All-Country World index. Nonetheless, in local currency terms, Japanese equities…
Highlights The Biden Administration's $2.25 trillion infrastructure plan rolled out yesterday will, at the margin, boost global demand for energy and base metals more than expected later this year and next. Global GDP growth…
Highlights Central Bank Expectations: Market expectations of short-term interest rate moves over the next few years are inching higher. The potential for markets to offer a greater bond-bearish challenge to the current highly dovish…