President Javier Milei’s electoral win has massively outperformed expectations. Meaningful legislative support and renewed market confidence will revitalize his liberalizing economic program. Our recommendation not to sell Argentine assets following the post-Buenos Aires election carnage has been va...
In this week’s note, we share the main implications for European investors from what was discussed at the BCA Conference in New York and provide a short list of the questions most frequently asked by investors we met recently in Lisbon, Madrid, and Barcelona....
US-China decoupling and rare-earth supply disruptions created a unique opportunity for non-Chinese miners and refiners to scale production and achieve profitability. The build-out will be lengthy, costly, and fraught with challenges, but government support materially improves the odds. Rare-earth pr...
Precious metals, corporate credit, and tech stocks are all showing signs of late-cycle euphoria. We identify various trigger points that investors should monitor to turn more bearish....
Beijing’s quiet pivot toward RMB strength and a deep valuation discount set the stage for a multi-year appreciation. Our latest FX Insight explores why we see the CNY rising to 6.5–6.8 versus the USD over the next year....
Japan's first woman prime minister, Sanae Takaichi, will underperform on economic stimulus but outperform on defense spending and strategic diplomacy. Stay long Japanese yen....
Reduce risk exposure in the very near term as President Trump's ceasefire effort falters, Russia tensions spike, and US-China trade prospects suffer....
The Fed is poised to deliver a 25-basis-point rate cut this month, but a follow-up rate cut in December will depend on how the divergence between strong consumer spending and weak employment growth is resolved....
Investors should not count on buoyant growth in the ASEAN and Indian economies because of manufacturing relocation away from China in the next couple of years....
