Equities

Disinflation coupled with sticky wage growth is likely to result in either a second wave of inflation or layoffs and a recession. In the meantime, market expectations for sales, growth, and margins are overly optimistic and are inconsistent with macroeconomic headwinds. We recommend gradually realigning the portfolio to a more defensive stance.

The ECB will begin cutting rates in June, what does this start date imply for the yield curve and European cyclicals?

Decelerating nominal sales, a peaking credit cycle, and very high valuations - Indian stocks will not escape the carnage when risk assets globally begin to sell off.

The SEC has just approved bitcoin spot ETFs, but does bitcoin have any ‘intrinsic’ value? In this Special Report we explain why the answer is yes, how bitcoin compares with gold, and why the bitcoin price could ultimately head well north of $100,000.

The market will eventually be forced to react to rising odds of a sharp US national policy reversal. Investors should overweight government bonds and defensive equity sectors.