Policy

US Jobs Data Deliver A Positive Surprise

The US employment report delivered a positive surprise on Friday. Nonfarm payroll growth accelerated from 150 thousand to 199 thousand in November, beating expectations of 185 thousand. Importantly, the favorable result was corroborated by the unemployment…

2 years ago

Essentials

UK Households See Inflation Easing Over Near Term, Still Skeptical Over Longer Term

The latest Bank of England/Ipsos quarterly Inflation Attitudes Survey shows the public revised down its near-term inflation outlook. Respondents now believe inflation will fall to 3.3% in the year ahead – down from 3.6% in the August survey and the lowest…

2 years ago

Essentials

The Key Macro Theme for China In 2024

The global investment community has become well aware of many problems facing the Chinese economy including real estate excesses, policymakers’ reluctance to stimulate, as well as elevated debt levels among local governments, enterprises, and consumers. Yet,…

2 years ago

Essentials

A Political Fed

According to BCA Research’s US Political Strategy service, the Fed will be surprisingly dovish in 2024 but it has a poor track record of avoiding recessions once monetary policy is restrictive. The independence of the Fed is misunderstood: The Fed is…

2 years ago

GeoMacro

Key Views: US Politics In 2024

Democrats are favored to win the election until recession materializes. But recession risks are high. Investors should adopt a defensive and conservative strategy in 2024 amid extreme US policy uncertainty.

2 years ago

China

Essentials

Fade The Positive Surprise From Chinese Exports

On the surface, Chinese export data delivered a positive surprise on Thursday, painting a favorable picture of the global manufacturing cycle. Exports unexpectedly grew on a year-over-year basis in November for the first time since April. The 0.5% y/y…

2 years ago

Essentials

JPY Will Face Tailwinds In 2024

The Japanese yen strengthened considerably on Thursday after comments by Bank of Japan (BoJ) Governor Kazuo Ueda caused investors to bring forward their expectation of the timing of the end of negative rates. In particular, Ueda noted that monetary policy…

2 years ago

Essentials

Central Bank Buying Marginally Supports Gold

According to BCA Research’s Commodity & Energy Strategy service, as the world splits into East-West trading blocs, the continuing trend of trade fragmentation will challenge the need for a USD-centric monetary system, and will see CBs turn to gold as a safe…

2 years ago

CoreMacro

2024 Key Views: China Is In A Deflationary Trap

Special Report

The overarching macro theme for China in 2024 will be deflation and its impact on the economy, macro policies, and financial markets. Widespread deflation, in combination with high debt levels and falling real estate prices, has unleashed debt deflation and balance sheet recession dynamics. The latter are rendering monetary policy inefficient.

2 years ago

China

CoreMacro

Thailand: Will Growth Revive Next Year?

Meager credit growth and shrinking real wages will keep Thai inflation very low in the coming months. The currency will get support from an improving current account surplus. Fixed-income investors should upgrade Thailand from neutral to overweight within EM domestic bond portfolios.

2 years ago

Policy

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