The British pound is the best performing G10 currency so far this year, gaining 0.7% vis-à-vis the US dollar. The outperformance of sterling over the past month coincides with an increase in Citigroup’s UK economic…
The S&P 500 Homebuilders index has returned a whopping 50% since October and outperformed the overall market by 24% over this period. Tight US housing supply is placing a floor under construction activity and constitutes a…
Our US Equity Strategy service released their Sector Chart Pack where they took stock of the recent earnings season and developments in the S&P 500. They observed that this February marked the strongest performance in the…
The market narrative continues to be dominated by the Magnificent Six, which drove both market performance and strong Q4 earnings results. While all sectors and styles have recently turned green, the rally is still mostly narrow.…
The MSCI ACW Growth index continues to strengthen vis-à-vis the Value index, outperforming the latter by 4.7 percentage points year-to-date, following 23.3 percentage points in 2023. Given that the IT, Consumer…
MacroQuant upgraded equities to overweight in February on a tactical short-term (1-to-3 month) horizon, but it continues to see downside risks to stocks on a medium-term (12-month) horizon. Consistent with the model’s relatively…
According to BCA Research’s China Investment Strategy service, the odds of a “Minsky Moment” are low for the Chinese banking sector. Chinese banks, however, will continue facing cyclical and structural headwinds…
At the headline level, US equity indices are on a tear with the S&P 500 forging a fresh all-time high last week and the NASDAQ on the verge of overtaking its November 2021 record close. However, the rally remains quite narrow…
Reported earnings for Q4-2023 were rather underwhelming and prone to issues that we have identified over the past few months: Growth is concentrated in just a few sectors and companies, while the profitability of a broad swath of the…
According to BCA Research’s Emerging Markets Strategy service, the diminishing pace of disinflation in the US could pose a threat to US share prices in the near term. In the medium term, the key risk to US share prices is…