Commodities have diverged sharply in recent months. We explain why energy prices are likely to stay elevated after the US midterms, why gold’s slide should prove limited, and how we are positioning for the months ahead....
US Treasury yields have fallen below our fair value estimate as investors rotated out of AI equities and into fixed income. We lay out why near-term inflation risks argue for a rebound, and the tactical trades we initiate to position for it....
October saw a 0.9% decline in the S&P 500, dragged lower by Communication Services (-15.1%) and Information Technology (-6.8%). All other sectors delivered positive returns, led by traditional defensives – Health Care (+9.9%), Utilities (+10.2%), Consumer Staples (+11.6%) – and Energy (+14.0%). Alth...
Another Netanyahu-led government would raise the risk of Israeli escalation and a major oil supply shock, while an opposition victory would reduce, but not eliminate, this risk due to its greater coordination with and deference to the US....
Despite October’s AI selloff, indices remain resilient thanks to historically high dispersion. We remain bullish, but with barbells across the portfolio. Hedge equity with equity: Overweight Technology and Healthcare. Remain overweight high yield. Downgrade linkers and upgrade nominal bonds. Upgrade...
MacroQuant recommends a slight underweight to equities and an overweight to bonds and cash. The model is bullish on the US dollar, negative on gold, very negative on copper, and neutral on oil....
France’s fiscal mess is far from over, but the bond vigilantes may have gotten ahead of themselves. We book profits on short OATs, eyeing another opportunity in early 2027 as election risks resurface. Meanwhile, French equities are too cheap to ignore. We tactically buy on depressed valuations....
Marking the debut of Chief Technology and Innovation Strategist Matt Dyson, this month’s Global Market Outlook examines Matt’s views on the presence and durability of moats for companies at various segments of the AI chain....
