Last weekend, the national eviction moratorium, put in place during the pandemic, expired. While our hearts go out for the affected families, wearing our economists’ hats, we consider the termination of the eviction ban a likely…
Highlights Last week’s market gyrations do not mark the end of China’s structural reforms. The country’s macro policy setting has shifted to allow a higher tolerance for short-term pain in exchange for long-term gain…
Highlights The countertrend yield rally is near its end. Despite the deteriorating Chinese credit impulse, the outlook for global growth remains robust. An ample global liquidity backdrop, an inventory restocking cycle, and an upbeat…
Highlights Globalization is recovering to its pre-pandemic trajectory. But it will fail to live up to potential, as the “hyper-globalization” trends of the 1990s are long gone. China was the biggest winner of hyper-…
With 195 S&P 500 companies reported Q2-2021 earnings, it’s time to take a tab of this earnings season. Analysts expected S&P 500 earnings to grow at 68%. So far, reported growth has exceeded expectations: Blended (reported…
Highlights China’s broad equity market performance since the PBoC cut its reserve requirement ratio (RRR) is consistent with our view. While the central bank’s policy tone remains dovish, a single reduction in the RRR rate…
Highlights Upgrade The Health Care Sector To An Overweight: Expressed through an overweight position in Health Care Equipment and Services, and an equal weight position in Pharmaceuticals and Biotech The Sector Faces A Few Tailwinds…
Feature June’s economic data and second-quarter GDP indicate that China’s economic recovery may have peaked. Slight improvements in some sectors, including manufacturing investment, exports and consumption, were offset by…