Highlights This is the second part of the publication, in which we provide an in-depth overview of Hotels, Restaurants, and Airlines, or the “travel complex” as we dubbed it. In last week’s report, we provided an…
Highlights The Evergrande crisis is not China’s Lehman moment. Nonetheless, Chinese construction activity will decelerate further in response to this shock. Global equities are frothy enough that a weaker-than-expected Chinese…
US energy stocks performed poorly earlier this year. They fell 14tween early March and late August. However, the tide seems to be turning in their favor. The energy sector is now leading the benchmark. It is up 12% since August…
Highlights Asian and European natural gas prices will remain well bid as the Northern Hemisphere winter approaches. An upgraded probability of a second La Niña event this winter will keep gas buyers scouring markets for supplies…
According to the latest MBA weekly survey, mortgage applications increased 4.9% in the week ending September 17. Mortgage applications to purchase a home climbed to the highest level since April. The massive accumulation of…
BCA Research’s US Equity Strategy service recommends overweighting the Hotels, Resorts, and Cruise Lines industry. The team summarizes this view as follows: The Delta variant is cresting. Their base case is that herd…
Over the past few days, we have received several questions regarding the decrease in US savings we highlighted on Chart 4 in the most recent Strategy Report. US personal savings have decreased by roughly $4 trillion (SAAR) since their…
Chinese residential building starts and sales have been contracting since April and July, respectively. Similarly, the level of aggregate building construction activity appears to be rolling over. The Evergrande debacle presents…
US housing market data surprised to the upside in August. Housing starts increased 3.9% m/m versus expectations of a 1.0% rebound following July’s 6.2% contraction. Similarly, building permits accelerated to 6.0% m/m from 2.3% –…
Today we take a close look at the historical GICS1 level performance following the taper event in 2013. Chart 1 provides an overview of a price action of the 10-year US Treasury yield, the US dollar, and gold to provide context,…