Highlights Lingering weakness evident in fundamental supply-demand data will fade next year, and with it the downward pressure on oil prices. Price risk is skewed to the upside: Continued monetary accommodation from systematically…
Highlights Analysis on the Chinese property market is available below. In the Philippines, domestic demand is set to accelerate at the hands of the government’s fiscal boost. The current account deficit will widen and the peso…
Dear Client, Instead of our regular weekly report next Monday, this Friday November 22, you will receive our flagship publication “The Bank Credit Analyst” with our annual investment outlook. Our regular publication service…
Highlights The attractiveness of European stocks is relative to European bonds rather than relative to non-European stocks. Despite vastly different stock market valuations in Germany, Japan, and the US, the implied prospective 10-year…
Highlights Portfolio Strategy Depressed technicals, compelling valuations, macro tailwinds, improving operating fundamentals and the messages from our relative profit growth models and relative Cyclical Macro Indicators all signal…
Highlights The correlation between oil and petrocurrencies has shifted in recent years. It no longer makes sense going long petrocurrencies versus the US dollar blindly. One of the reasons has been the impressive and prominent output…
Highlights Please note that we will publish a Special Report on the Asian semiconductors cycle on Monday November 11. The risk to our negative stance on EM stocks is that DM share prices will continue advancing, pulling EM equities…