The Bank of Japan’s Economy Watchers Survey – a gauge of sentiment among business owners – disappointed in September. The Current Conditions and the Outlook indices deteriorated from 49.0 to 47.8 and from…
The JPM Global manufacturing PMI declined at an accelerating pace in September (49.6 to 48.8). Moreover, international trade flows deteriorated notably with the new export orders component falling from 48.4 to 47.5. A sector…
The market got excited by the 50 bps Fed cut and China stimulus. But these are a recognition that economies are slowing significantly. Stocks often rally after the first Fed cut, before falling sharply. Investors should stay…
Preliminary estimates suggest that activity continued to slow across DM economies in September. Manufacturing PMIs contracted at a faster pace in the US, Eurozone, Germany, France and Australia, and grew at a slower pace in…
The Bank of Japan kept its policy rate unchanged at 0.25% in September and signaled it was in no rush to lift rates further. This move follows two hikes this year, one of them unanticipated. The signaling is consistent…
The Bank of Japan’s policy normalization has been accompanied by exceptional outperformance by Japanese banks. Japanese banks have outperformed both the country’s broader market as well as the MSCI ACW Banks index by…
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most carry investors have covered their positions. Away from day-to-day noise, the longer-term trajectory of yen exchange rates…
Volkswagen’s CEO has been making the point that the market for European carmakers has been deteriorating. Earlier last week, he went on to make a rather pointed reference at Chinese EV manufacturers. He was quoted…