Economy
Results from the JOLTS Survey indicate that while the hot US labor market is cooling. The number of job openings dropped from 10.6 million in January to a 21-month low of 9.9 million in February, below expectations of 10.5 million. The decline in job openings…
As expected, the RBA stood pat at its meeting on Tuesday following 10 consecutive rate hikes that pushed the cash rate up by 350 basis points to 3.6%. The Australian economy is starting to show the effect of the rate tightening campaign. Inflation has rolled…
Results from the BoC’s Business Outlook and Consumer Expectations Surveys for Q1 2023 indicate that the tightening cycle is impacting the Canadian economy. The share of households reporting being financially worse off because of the interest rate hikes rose…
US homebuilder stocks have outperformed the S&P 500 by 29.7% since the end of Q3 2022. Meanwhile, banks have underperformed the S&P 500 over the same period, especially following their 23.3% plunge in relative term since March 1st. As a result, a gap has…
BCA Research’s European Investment Strategy service concludes that the increase in the cost of capital caused by the recent period of stress in global banks will hurt European growth. The European stock market is at risk. The tightening in global credit…
Global PMIs delivered a poor signal about manufacturing activity in March. The J.P. Morgan Global Manufacturing PMI ticked down from 49.9 to 49.6. It marks the seventh consecutive month below the 50 boom-bust line and indicates a slightly faster pace of…
In the monthly Daily Insights Survey we conducted last week, we asked about our readers’ expectations for Fed policy and the US economy. The majority of respondents (67%) expect the Fed to end the tightening cycle in H1 and subsequently pause for the…
According to our Emerging Markets Strategy service, Asian exports will continue contracting at a double-digit rate warranting a cautious stance on emerging Asian equity markets. The New Orders component of Asian Manufacturing PMIs have failed to move above…
March was a month of two halves. The turmoil that erupted in the wake of the failures of SVB and Signature Bank led to a bout of risk-off sentiment in the first half of March. Equities sold off globally, oil prices fell, and government bonds rallied amid…
This week we are sending you a Style Chart Pack, which now includes a standalone macro section, as well as macro, fundamentals, valuations, technicals, and uses of cash charts for the S&P 500, Defensives vs. Cyclicals, Growth vs. Value, and Small vs. Large. In the front section of this publication, we will review recent equity performance, and attempt to answer real estate sector-related questions that are foremost in investors’ minds.