Highlights Q3/2019 Performance Breakdown: Our recommended model bond portfolio underperformed the custom benchmark by -30bps during the third quarter of the year. Winners & Losers: The biggest underperformance came from…
Highlights MARKET FORECASTS Investment Strategy: Markets have entered a “show me” phase. Better economic data and meaningful progress on the trade negotiations will be necessary for stocks to move sustainably…
Highlights The world remains mired in a manufacturing recession. As such, it is still too early to put on fresh pro-cyclical trades. Focus on the crosses rather than outright U.S. dollar bets. Two new trade ideas: sell EUR/NOK and…
Highlights President Trump’s support among Republicans and lack of smoking gun evidence will prevent his removal from office. Trade risk will increase if Trump’s approval benefits from impeachment proceedings and the U.S.…
Highlights U.S. growth will soon rebound thanks to robust drivers of domestic activity, and strengthening money and credit trends. The U.S. Federal Reserve will maintain an easing bias and will expand its balance sheet again. A…
PM Johnson had already mostly lost control of the Brexit process once Parliament decided to take the matter in its own hands. His gambit to prorogue Parliament in order to regain controlled has now backfired as the Supreme…
The U.K. has created 4.2 million new jobs over the past decade, nudging the employment-to-population ratio to the highest level in almost 50 years. Positively, full-time job creation has outpaced part-time and female…
A big driver for retail sales in the U.K. are tourist arrivals and the weaker pound is likely to keep attracting an influx of visitors. The U.K. commands many of the world’s leading brands that will benefit from a…
Highlights The U.K. economy has been holding up fairly well, despite the overhang of political uncertainty. However, even before the actual withdrawal of the U.K. from the E.U. has occurred, Brexit has left a lasting mark on the U.K.…