Highlights Incoming economic data suggests that China’s economy is in the process of bottoming, but also that the intensity of a recovery is likely to be more muted than it has been during past economic cycles. Recent Chinese…
Highlights Chart 1Softer PMIs In December A bond bear market looked to be underway in December, with the 10-year Treasury yield reaching as high as 1.93% just before Christmas. But two developments during the past week drove…
Highlights The consensus view seems to be that equities have to cool off in 2020, even if the danger has passed: Recession fears have dissipated as the yield curve has returned to its normal upward-sloping orientation and US-China…
Dear Client, In addition to this short weekly report, you will also receive a Special Report on investment themes over the next decade, penned by our colleagues in the US Equity Strategy and Geopolitical Strategy services. The…
An analysis on Ukraine is available below. Highlights A number of liquidity and technical reasons have led us to give benefit of the doubt to the bullish market action and chase this EM rally. We still doubt that the US-China…
Highlights The key risk to a dollar bearish view is a US-led rebound in global growth. This would allow the Federal Reserve to tighten monetary conditions much faster than other central banks, supporting the dollar in the process.…
Highlights We are upgrading Pakistani equities to overweight within an EM equity portfolio. Fixed-income investors should consider purchasing 5-year local currency government bonds. The balance-of-payments adjustment is probably over…
Highlights Chart 1Manufacturing PMIs Track Bond Yields November’s manufacturing PMI data were released yesterday, giving us an update for two of our preferred global growth indicators: the Global Manufacturing PMI and…
Highlights BCA still sees green shoots: Our latest view meeting reinforced BCA strategists’ optimistic global outlook, and we are methodically adding international and cyclical exposures to reflect it. Relatively modest M&A…