Highlights An analysis on Turkey is available on page 10. In the short term, EM share prices will likely continue searching for a direction as visibility is extremely low. Beyond the near term, an appropriate strategy for EM equity…
Highlights Chinese stocks made a comeback as soon as the speed of COVID-19 transmitting outside of the epicenter somewhat moderated. Inside the epicenter, the pandemic has not shown clear signs of easing, and could significantly…
Neutral In this Monday’s Weekly Report we lifted the hard-hit S&P hotels index to neutral from previously underweight and cemented gains of 20% since inception. Relative retail sales have rebounded over the past…
Highlights Portfolio Strategy Receding interest in the coronavirus epidemic, rising demand prospects, a looming profit turnaround and compelling valuations, all signal that it no longer pays to be bearish the S&P hotels index.…
Highlights The coronavirus is a real threat for the global economy and financial markets: We expect that the epidemic will be contained before it takes too much of a bite out of global output, but it has become the biggest market wild…
Underweight This week we downgraded exposure to below benchmark in the S&P tech hardware, storage & peripherals (THS&P) index. Undoubtedly, relative share prices are extremely extended. The second panel of the…
Underweight The S&P chemicals bear market has entered its third year and we remain underweight this capital intensive basic materials subgroup. China macro dominates the direction of US chemical equities. Chinese…
Highlights Malaysian businesses and households have been deleveraging and the economy risks entering a debt deflation spiral. This macro-backdrop is bond bullish. EM fixed income-dedicated investors should keep an overweight position…
While Tesla (TSLA) is not part of the SPX yet, it is one of the ten constituents comprising BCA’s Millennial Basket. When we initiated this trade on June 11, 2018 we recommended an equally-weighted basket of stocks.…