Highlights Economy – Everyone from banks to households to businesses is swimming in cash: The Fed’s asset purchases will continue until the middle of next year, but banks, households and businesses already have more cash…

Dear Client, There will be no weekly report next week. Instead, we will host our quarterly webcast on Tuesday, October 26 for the US and EMEA regions and Wednesday, October 27 for the Asia Pacific region. We will resume our regular…

  Next week we will be holding our quarterly webcast discussing the US equity market outlook. As a brief prologue to the webcast, the following Insight report provides a summary of our recent moves and views. In our latest…

Highlights The surge in energy prices going into the Northern Hemisphere winter – particularly coal and natgas prices in China and Europe – will push inflation and inflation expectations higher into the end of 1Q22 (Chart of…

Next week is the BCA Annual Conference, at which I will debate Professor Nouriel Roubini on ‘The Outlook For Cryptocurrencies’. I will make the passioned case for cryptos, and Nouriel will make the passioned case against. I…

The unfolding energy crises coupled with rising wages on the back of companies struggling to fill job openings, compelled to take a close look at US margins. In order to forecast effects of these factors on the YoY changes in S&P…

Highlights Gold prices will continue to be challenged by conflicting information flows regarding US monetary policy; higher inflationary impulses from commodity prices and supply-chain bottlenecks; global economic policy uncertainty,…

Special Report

Highlights Electricity shortages in China are largely due to excessive power demand rather than a matter of shrinking electricity production. Chinese electricity consumption has been supercharged by the export sector’s booming…

With inflation readings elevated for longer than expected and global growth data rolling over, fears of stagflation are tightening their grip over the markets. Together, inflation and a not fully recovered labor market, have pushed the…

Foreword Today we are publishing a charts-only report focused on the S&P 500, and GICS 1 sectors.  Many of the charts are self-explanatory; to some, we have added a short commentary. The charts cover macro, valuations,…