Highlights Once the Brexit starting gun is fired, the EU27's high-level guidelines and red lines will create more vulnerabilities and uncertainties for the U.K. than for the euro area. The BoE will be more boxed in than the ECB.…
Highlights Eurostoxx50 versus S&P500 boils down to a simple choice: Banco Santander, BNP Paribas and ING; or Apple, Microsoft and Google? Right now, we would rather own the three tech stocks than the three banks - which necessarily…
Highlights Assessing Our Tilts: Our decision to upgrade corporate spread product versus government debt in the U.S., and to reduce overall recommended duration exposure, at the end of January has been performing well. Maintain these…
Highlights Nervousness and uncertainty abound within the investment community, but greed is overwhelming fear as the U.S. equity market breaks out and other stock markets test the upside. Technical conditions are stretched and a…
Highlights Price inflation is paradoxically deflationary for European consumers, because there is no feedthrough from price inflation to wage inflation. Whenever price inflation has risen towards the ECB's highly-misguided 2%…
The Tactical Asset Allocation model can provide investment recommendations which diverge from those outlined in our regular weekly publications. The model has a much shorter investment horizon - namely, one month - and thus attempts to…
Highlights President Trump is as protectionist as Candidate Trump; USD shortage to tighten global financial conditions; Go Long MXN/RMB as a tactical play on U.S.-China trade war; Brexit risks are now overstated; EU will not twist…