Highlights President Biden has called for the US intelligence community to investigate the origins of COVID-19 and one of Biden’s top diplomats has stated the obvious: the era of “engagement” with China is over. This…
Initiating a long S&P semis/short S&P technology hardware storage & peripherals (THS&P) pair trade is the ultimate reflationary play given its tight positive correlation with the 10-year US Treasury yield (top panel). Not…
While the Fed’s dots dovishly surprised, the FOMC’s output and inflation projections were on the hawkish side. Adding the committee’s core PCE price inflation estimate for 2021 to their real GDP forecast results in a…
Neutral Today, we are removing our downgrade alert from the S&P semiconductors index on the back of an improving macro backdrop. First and foremost, the semi sales cycle is tied to global rates that tend to lead by…
Highlights A weak dollar and low bond yields have pushed up the S&P 500 more than anticipated. Cyclical forces favor loftier stock prices in 12 months. Froth creates short-term vulnerabilities that higher yields could catalyze.…
Dear Client, In lieu of our regular report next week, we are sending you a Special Report from my colleague Chester Ntonifor, Foreign Exchange Strategist. Chester will share his outlook on the Hong Kong Dollar. I hope you will find his…
An analysis on Turkey is available below. Highlights Due to the sizable stimulus announced by the NPC, we are upgrading our outlook for Chinese growth for this year. Nevertheless, in terms of investment strategy, we are…
Highlights Analyses on Asian semis, Argentina and Russia are available on pages 7, 12 and 14, respectively. The most likely trajectory for Chinese growth will be as follows: the initial plunge in business activity will be…