United States
We update our corporate default rate model and consider the implications for corporate bond spreads.
Preliminary estimates suggest that activity continued to slow across DM economies in September. Manufacturing PMIs contracted at a faster pace in the US, Eurozone, Germany, France and Australia, and grew at a slower pace in the UK. Services PMIs continued…
German equities have outperformed their Euro Area peers on a year-to-date basis, with the gap widening since May. The MSCI Germany Index returned nearly 4.5 percentage points more than the MSCI Eurozone index over the latter period. Since the beginning of the…
The Draghi report highlights sensible reforms that would address many of Europe’s productivity shortcomings. Whether European capitals heed Mario Draghi’s advices remains to be seen.
The 10-year Treasury yield rose in the aftermath of the Fed’s jumbo rate cut on Wednesday. Our US Bond strategists noted that this move reflects the fact that the downward revisions to the dots still fall short of the magnitude of cuts embedded in the…
Singapore is a small open economy sensitive to global trade dynamics. Its non-oil exports (NODX) are thus a good bellwether for global growth conditions. Overall exports, which are highly volatile on a month-on-month basis, decelerated at a…
One key takeaway from Wednesday’s post-FOMC press conference is the Fed’s unshaken conviction that it can avoid a recession. A risk-on mood dominated markets on Thursday, with the S&P 500 breaching new all-time highs while the 10-year Treasury yield rose…
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most carry investors have covered their positions. Away from day-to-day noise, the longer-term trajectory of yen exchange rates will be driven by fundamentals. …
We update our bond views following today’s 50 bps rate cut.