Dear Client, Next week on November 20th instead of our regular weekly publication you will receive our flagship publication "The Bank Credit Analyst" with our annual investment outlook. Our regular publication service will…

Highlights A growing list of indicators is pointing to a potential slowdown to the strong global growth. However, the key deflationary anchors in the global economy - U.S. deleveraging, Europe's crisis, and Chinese excess capacity…

Highlights The synchronized upturn lifting global GDPs will pull demand for stainless steel higher, as consumers increase purchases of autos, ovens, refrigerators, freezers and other household durables. That's good news for nickel,…

Special Report

Highlights Emerging Market (EM) hard currency debt, both sovereign and corporate, has consistently outperformed the broad global bond index. However, investors should steer clear of always maintaining maximum overweights to EM given…

Special Report

Highlights Emerging Market (EM) hard currency debt, both sovereign and corporate, has consistently outperformed the broad global bond index. However, investors should steer clear of always maintaining maximum overweights to EM given…

Highlights The macro environment remains positive for risk assets. Nonetheless, the shadow of the '87 stock market crash is a reminder that major market corrections can occur even when the earnings and economic growth backdrop is…

Highlights Depressed bond yields do justify exponentially higher equity valuations provided bond yields stay well below 3%. But when bond yields are at ultra-low levels, the much higher equity valuations necessarily mean that both…

Highlights Our out-of-consensus call on oil prices - Brent and WTI are expected to trade to $65 and $63/bbl, respectively, next year - has the most upside risk from unplanned production outages in Iraq and Venezuela. The potential for…