Executive Summary Russia Squeezes EU Natural Gas Major geopolitical shocks tend to coincide with bear markets, so the market is getting closer to pricing this year’s bad news. But investors are not out of the woods…
In this week’s report “Adaptive Expectations: Revisiting Our Views”, we concluded that the S&P 500 is unlikely to find a bottom until inflation turns and monetary conditions stabilize, and US equities will follow a…
Executive Summary Surge In Yields Tanked Equities In this week’s report, we conduct a post-mortem analysis of the past week’s market panic and probe the effect of the new developments on US equities. Inflation…
Executive Summary Structural Tailwinds For The Franc Volatility in FX markets is likely to remain elevated, as witnessed by the reaction of a full circle of central bank meetings this week.Policy convergence remains a good bet for…
In lieu of next week’s report, I will host a Webcast on Monday, June 27 to explain the recent market turmoil and how to navigate it through the second half of 2022. Please mark the date, and I do hope you can join. Executive…
In our recent research, we have been cautioning investors that the market will be “Fat and Flat” over the course of 2022. Our view was that inflation was going to turn down due to the base effect, rather than heroic…
Dear Client, In lieu of our weekly report next week, I will be hosting two webcasts with my colleague Arthur Budaghyan, Chief Emerging Market Strategist: Time To Buy EM/China? June 23, 2022 9:00 AM EDT (2:00 PM BST, 3:00 PM CEST)…
Executive Summary The recent pullback was all about a multiples contraction while strong earnings growth helped absorb the blow. With the multiple contraction phase complete, the S&P 500 performance is now all about earnings.…
Executive Summary ECB & Inflation: Whatever It Takes? Inflation is the European Central Bank’s single focus. This single-mindedness heightens the risks to Euro Area growth, especially because wider peripheral…