Highlights Portfolio Strategy There are high odds that China’s real GDP deceleration will continue for the next decade, casting a shadow over the profit prospects of the S&P 1500 metals & mining index. A structural below…

Special Report

Highlights Commercial rents have fallen in real terms, revealing that the commercial property price rally has been fueled exclusively by low rates. Limited upside for rents and an upward direction for future rates are two significant…

Highlights An analysis on India is available on page 12. There is extreme complacency in global financial markets. With currency markets’ implied volatility at a record low, we recommend going long EM currency volatility. The…

Highlights The bank credit 6-month impulse is likely to drop sharply in Europe, drop modestly in the US, but remain positive in China. Hence, the momentum of first-half economic data is likely to be worse in Europe than in China…

Special Report

Highlights Global Corporates: The cyclical backdrop – accommodative monetary policies, improving global growth momentum, moderate inflation and subdued volatility – is supportive for the continued outperformance of global…

Special Report

Highlights Macro winds are slowly changing, compelling investors to take a second look at highly cyclical sectors such as industrials. In this Special Report we highlight that the S&P industrials index is trading at a nearly 10%…

Highlights We expect both the Australian dollar and Chinese RMB to move higher in the coming months. A key catalyst is broad-based weakness in the US dollar. The composition of goods benefiting from the US-China Phase I deal are a…

Highlights Portfolio Strategy Gold bullion is on the move again, and falling real yields, a soft economic backdrop, a depreciating US dollar and resurgent geopolitical uncertainty, all argue for reintroducing a modest portfolio hedge…

Highlights Remain short the DXY index. The key risk to this view is a US-led rebound in global growth, or a pickup in US inflation that tilts the Federal Reserve to a relatively more hawkish bias. Stay long a petrocurrency basket. The…

Highlights An analysis on Indonesia is available below. We intend to maintain our long EM stocks position, initiated on December 19, as long as the MSCI EM equity index does not break below our stop point of 6% below current levels.…