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....
GBP offers attractive carry today, but the market’s aggressive rate hike pricing is likely to turn into a headwind within 12 months. Our latest Currency Chartpack examines the valuation, growth, rate, and policy drivers of the pound, showing why the long-term outlook is less rosy than near-term data...
Markets expect further BoC tightening, but Canada’s economic backdrop casts doubt on how far rates can rise. We assess to what extent inflation, the labor market, and housing will limit the hiking cycle, and explore the implications for Canadian bonds and the CAD....
After a sharp five-year correction, China's top-tier housing markets will likely bottom out late next year. The rest of the country, however, will keep struggling with oversupply....
Given that the economy’s productive capacity is limited, government stimulus will lift nominal growth but do little to increase real output growth. The upshot will be rising inflation and wider twin deficits. This is bearish for the currency, bonds, and stocks....
Crude has led the latest rally, leaving refined product prices behind and crack spreads narrower. We explain why the spread compression is unlikely to continue and why product prices will follow crude....
The Total Portfolio Approach stumbles really on one thing: the team. Everyone says it, but nobody has prescribed the fix. We provide three logistical principles that close the gap. And they work for SAA investors too....
