The British pound is the best performing G10 currency so far this year, gaining 0.7% vis-à-vis the US dollar. The outperformance of sterling over the past month coincides with an increase in Citigroup’s UK economic…
According to BCA Research’s China Investment Strategy service, a very substantial PSL financing scheme for housing, a large LG and LGFV debt swap, and considerable fiscal transfers to households—or a combination…
Our Portfolio Allocation Summary for March 2024.
Results of the New York Fed’s Survey of Consumer Expectations showed an uptick in medium- and long-term inflation expectations in February. Specifically, the three-year ahead measure rebounded from a record low of 2.4% to 2…
The US employment situation report sent a mixed signal on Friday. While total nonfarm payrolls rose by 275 thousand jobs in February, exceeding the 200 thousand expected, the previous two months’ numbers were revised lower…
For the past year, relatively large downward revisions have been key features of the monthly US nonfarm payrolls reports. Friday’s release was no exception. Although it showed the magnitude of job gains beat expectations in…
Japanese equities and government bonds sold off on Monday and the yen strengthened following the release of the revised Q4 GDP report showing the economy expanded by an annualized 0.4% q/q in Q4 2023 versus earlier estimates of a…
According to BCA Research’s European Investment Strategy service, last week’s ECB meeting confirmed their long-held view that the most likely date for the first ECB rate cut would be June. The ECB continues to…
We are pushing back the anticipated start date for a Eurozone recession and assessing how it affects our equity stance.
Clients are increasingly more positive about the US economy, but there are no signs of exuberance. The rally could continue as the majority is not fully invested. Financial conditions have already eased, and the Fed is unlikely to…