Our Portfolio Allocation Summary for May 2024.
The broad market took a significant step backward in April, as market jitters gripped investors, stoking fears of higher for longer monetary policy. However, our roundtable investor poll has demonstrated that the majority remain…
The ISM Services PMI largely disappointed in April. The headline index fell to 49.4 from 51.4, below expectations of a faster pace of growth. April’s contraction ends a streak of 15 consecutive months of services-sector…
The cyclical outlook is gloomy for EUR/USD. We subscribe to neither the soft-landing nor the no-landing view and expect a recession to occur in late 2024/early 2025. The pro-cyclical euro would suffer in a global downturn while a…
Some thoughts on this morning’s employment report and recent trends in US economic data.
Mainland residents’ investments in gold, other metals, and Hong Kong-traded stocks are a form of capital outflow. Chinese authorities will counter any excessive capital flight with stricter administrative controls. Thus, markets…
Investors should prepare for economic data to weaken even as policy uncertainty and geopolitical risk skyrocket ahead of the US election.
The Fed left the policy rate unchanged following its May FOMC meeting. It also announced it would slow the pace of quantitative tightening starting on June 1, from the current $60 billion per month to $25 billion per month for…
According to BCA Research’s European Investment Strategy service, US and Euro Area growth will likely converge in the next 12 months. Fiscal policy differences were the most visible headwind to Eurozone growth last…
Updated views on US Treasury yields and the dollar following today’s FOMC meeting.