Highlights This past week, oil ministers from the Kingdom of Saudi Arabia (KSA) and Russia - OPEC 2.0's putative leaders - separately indicated increased comfort with higher prices over the next year or so.1 This suggests they are…
Highlights Portfolio Strategy Synchronized global capex growth and higher interest rates are two key themes that will continue to dominate this year. Three high-conviction calls are levered to the former theme and two to the latter. A…
Highlights The ascent in Treasury yields is likely to flatten out over the coming months, now that rate expectations have almost converged to the Fed dots. This should provide some near-term support for stocks. The structural outlook…
Highlights Expectations that the BoJ's yield curve control strategy is toward its tail end, general USD weakness, and brewing EM troubles are conspiring to push the yen higher. Tactically, the yen has more upside. Global financial…
Highlights As the Fed proceeds with its policy tightening this year, higher real rates and a stronger USD will weigh on silver and platinum prices, and, to a lesser extent, palladium prices. Offsetting these downward pressures, silver,…
Highlights The trajectory of EM bank profits and share prices will be critical to sustain the EM equity rally. Rising U.S. bond yields will push up EM local bond yields. This, along with poor quality of banks' earnings, will…
The 10% tactical pullback that we had been flagging in recent publications with the tech sector correctly sniffing it out has materialized, and our strategy is to start "buying the dip" as we do not foresee a recession…
Highlights Portfolio Strategy Relentless selling in utilities stocks is overdone and we are compelled to lift exposure to neutral. Operating metrics have turned the corner for the better, but a still challenging macro backdrop suggests…
Highlights This week's global equities sell-off spilled into oil markets, taking Brent and WTI down 2.7% and 3.7% as of Tuesday's close, in line with the S&P 500 decline, which began Friday. In line with our House view, we do…