In this Strategy Outlook, we present the major investment themes and views we see playing out for the rest of 2023 and beyond.
Global non-TMT stocks are at risk of a relapse given worsening conditions in global manufacturing and still hawkish policies from the Fed and ECB. According to the preliminary release, manufacturing PMI new orders for advanced…
Our US Equity Strategy service looks back at their performance for the first half of the year and assesses what they hit or missed so far and comments on the ongoing rally in the stock market. The team hit on the economic…
The market does not grasp the implied depths of recessions that will be needed to prevent inflation expectations from un-anchoring. Among the major economies, the most vulnerable to a deep recession is the UK. We explain why, and…
In a recent report, our Emerging Markets Strategy team posited that the bear market in Malaysian stocks will be prolonged. Disinflationary forces have taken hold of the Malaysian economy: money supply has plunged, bond yields…
European aerospace and defense stocks are on the offense. Year-to-date, they are up 20% in absolute terms and 24% relative to their US counterparts, both in US dollar terms. The relative 12-month forward earnings suggest that…
Momentum, high cash balances, FOMO, and expectations of soft landing drive the market higher. This rally may continue for a while, but macroeconomic headwinds are intensifying and will eventually derail the rally. It is too early to…
Oil Prices have gone through a dramatic boom bust cycle over the past 18 months. After rising almost 80% in the first quarter of 2022 following the war in Ukraine, Brent has fallen all the way back towards $70/bbl – where…