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Equities

What Else To Read? Academic Edition
Our Global Asset Allocation strategists upheld their yearly tradition of putting together reading or listening recommendations for the holiday period. This year, our strategists and research teams sent their best recommendations for academic work that has…
Daily Insights by Felix-Antoine Vezina-Poirier
China: Credit Numbers Show No Post-Stimulus Pickup
China’s November monetary and credit data were disappointing. New yuan loans increased by 580 bln, nearly half the expected amount. Total social financing rose by 2.3 tln instead of the expected 2.7 tln. Finally, M2 growth slowed to 7.1% y/y from 7.5% in…
Daily Insights by Felix-Antoine Vezina-Poirier
Retail Sales Show Cooling Consumption Outside Of Autos
November retail sales were roughly in line with expectations, with headline growth at 0.7% m/m vs. 0.4% in October. Vehicle sales were solid. Excluding auto and gas, sales rose a more modest 0.2% m/m, below expectations. The control group grew 0.4% m/m after…
Daily Insights
Key Views 2025: The Year Of Change For Europe
Our European Investment Strategy team published their annual outlook, outlining five key themes that will shape Europe’s economy and markets in 2025.  Europe will enter a mild recession in H1 2025, but growth is expected to rebound quickly in the…
Daily Insights
2025 Views: The USD, EM, China, And Commodities
Our Emerging Markets, China, and Commodities strategy teams published their 2025 joint outlook. Our colleagues remain bullish on the US dollar for now but see rising odds of the Trump administration actively pursuing greenback devaluation. To avoid steep…
Daily Insights
A Dimming Outlook For European Industrials
Our Chart Of The Week comes from Mathieu Savary, Chief Strategist of our European Investment Strategy service. Mathieu sees a dimming outlook for European industrial stocks in the near term.The sector has been one of the strongest performers in Europe this…
Daily Insights
China: Credit Numbers Show No Post-Stimulus Pickup
China’s November monetary and credit data were disappointing. New yuan loans increased by 580 bln, nearly half the expected amount. Total social financing rose by 2.3 tln instead of the expected 2.7 tln. Finally, M2 growth slowed to 7.1% y/y from 7.5% in…
Daily Insights
Dispatches From The Future (January 2, 2026): The 2025 Recession
Our Global Investment Strategy team released their 2025 outlook, adopting the unique perspective of time-travelers reporting from January 2, 2026. They foresee a challenging 2025, with the global economy slowing sharply and the NBER pinning the start date…
Daily Insights
Key Views 2025: The Year Of Change

For our last publication of the year, we explore five key themes that will dominate the European macro landscape and markets next year. While the start of 2025 will be challenging for European assets, the latter part will offer some much-needed relief.

European Investment Strategy by Mathieu Savary
Dispatches From The Future (January 2, 2026): The 2025 Recession

This is the time of the year when strategists are busy sending out their annual outlooks. Here on the Global Investment Strategy team, we decided to go one step further. Rather than pontificating about what could happen in 2025, we decided to harness the power of the multiverse to tell you what did happen (in at least one highly representative timeline).

Next week, please join me for a Webcast on Tuesday, December 17 at 10:30 AM EST (3:30 PM GMT, 4:30 PM CET) to discuss the economy and financial markets.

And with that, I will sign off for the year. I wish you and your loved ones a very happy and healthy 2025. We will be back in the first week of January with our MacroQuant Model Update.

Global Investment Strategy by Peter Berezin

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