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President-elect Trump jolted markets Monday night by declaring that tariffs will be implemented on imports from Mexico, Canada, and China. The US dollar strengthened while stocks fell, as did Treasury yields. Equities, however, recovered on Tuesday, as a…
Our US Investment Strategy team analyzed recent US consumer trends through the lens of major retailers’ earnings calls, which highlighted increasingly prudent spending. Consumer caution is apparent in these earnings calls as pandemic-era savings fade, and…
Prior to Nvidia reporting, 76% of S&P 500 companies beat earnings expectations while 61% beat on sales. Nvidia beat earnings expectations, but the magnitude by which guidance beats the most optimistic analyst expectations is decreasing. During our BCA Live &…
Our US Equity strategists investigated the underperformance of the Green and Clean (G&C) investment theme, in the context of an incoming US administration expected to be less friendly towards green initiatives. The G&C investment theme has faced significant…
Our Global Asset Allocation team analyzed the performance and allocation strategies of 79 US public pension funds, providing insights across governance, scale, and liquidity. Strategic Asset Allocation (SAA) is the most significant driver of fund performance,…
The flipside of the recent US dollar rally has been weakness across both DM and EM FX. The USD rally has legs and will have cross-asset reverberations. EM equities will be affected. A key determinant of EM returns is the currency, as investors cannot benefit…
Our China Investment Strategy team assessed the country’s outlook in a context of underwhelming stimulus and rising trade tensions. Trump’s re-election raises the likelihood of tariff hikes on Chinese exports. China’s recent stimulus announcements…
El impulso postelectoral nos lleva a creer que podríamos vernos obligados a salir de nuestra posición defensiva antes de que termine la semana, pero seguimos creyendo en nuestro pronóstico de recesión. Si finalmente somos obligados a salir, buscaremos un punto de entrada más oportuno para apostar contra los activos de riesgo una vez que la fiebre electoral haya pasado.
Our US Equity strategists prepared a Post-Election US Equity Cheat Sheet. Here are highlights of their recommended positioning for a US equity portfolio in a Red Sweep scenario. Protectionism and pro-growth domestic policies will increase the budget deficit…
The October ISM Manufacturing missed expectations, decreasing to 46.5 from 47.2 in September. The Prices Paid component jumped, rising to 54.8 from 48.3 the month prior. New Orders showed a small upside surprise at 47.1, up 1 point on the month, pushing the…