Highlights The Chinese economy continues to recover, albeit less quickly than the first two months following a re-opening of the economy. The demand side of the Chinese economic recovery in May marginally outpaced the supply side,…
The flash PMIs in April managed to underwhelm already dire expectations. The European manufacturing index collapsed to 33.6 from 44.5, while the services gauge plunged to 11.7. In the US, the manufacturing PMI declined to 36.9…
Highlights At the current rate of work resumption, March’s PMI should rebound to its “normal range” from February’s historic lows. If so, our simple calculation, using China’s PMI figures and GDP growth in…
Highlights In the past week, it is becoming evident that the Chinese leadership is willing to abandon its financial de-risking agenda in exchange for a rapid economic recovery. Monetary conditions are already more accommodative than…
Dear clients, Over the next couple of weeks, we will be further analyzing China’s coronavirus outbreak, its economic impact, and the likely policy response, as well as the attendant investment recommendations. We will also examine…
Next week, we will focus on the following key items: The spread of nCoV-2019: We will continue to monitor how the coronavirus is spreading, especially as a case of human-to-human transmission has been reported in the US. In…
Highlights Duration: Despite recent setbacks, global growth looks set to improve and policy uncertainty set to ease during the next couple of months. Both will conspire to push bond yields higher. Investors should maintain below-…
Highlights Global Investment Strategy View Matrix Receding trade tensions; diminished risks of a hard Brexit; reduced odds of a victory for Elizabeth Warren in the US presidential elections; liquidity injections by most…
According to the December PMI estimates released this morning, the global manufacturing sector might be already experiencing a small relapse. The European manufacturing PMI fell to 45.9 from 46.9. It was expected to increase to…