アメリカ合衆国
While excellent state & local government balance sheet health will remain a tailwind for muni returns, poor valuation prompts us to downgrade the sector from overweight to neutral.
In this report, we evaluate the breakdown in the dollar and next moves in the DXY, based on fundamentals, historical precedents, and technical patterns over the last few years.
US speculative-grade corporate bond (junk) spreads rose significantly last year in response to a sharp increase in US interest rates and widespread concerns about a US recession. Junk spreads have since come in from their mid-2022 peak, and now trade below…
In this report, we dissect which markets have broken out and which ones have not, and reflect what this entails for our global macro view. Also, we analyze how the S&P 500 has been taking its cues from a change in the inflation trend. Yet, inflation dynamics are complex, and a falling inflation rate does not mean that the inflation menace has been eliminated.
US retail sales delivered a mixed signal on Tuesday. On the one hand, overall retail sales growth decelerated from 0.5% m/m to 0.2% m/m in June– disappointing expectations of 0.5% m/m. Spending on retail sales excluding the volatile auto and gas retailers…
Results of the NAHB survey shows US homebuilder sentiment inched further above 50 to a 13-month high of 56 in July. Its ongoing rise above 50 indicates that net sentiment is becoming increasingly favorable. That said, homebuilders pared back some optimism…
After US inflation slowed down markedly, EUR/USD broke out to 1.12, which constitutes a 16-month high. The euro is benefiting from the market expectation that the Fed will soon be done with its hikes while the ECB’s monetary tightening campaign remains more…
According to BCA Research’s US Investment Strategy service the risk-reward from overweighting equities and underweighting fixed income is far less appealing than it was toward the end of last year. Now that the mood is brightening, growth expectations are…
China’s slowdown confirms BCA’s Geopolitical Strategists’ view that persisting structural challenges would cause China’s economic reopening to disappoint (see The Numbers). In this context, Canada and Mexico are two notable markets that are largely…
According to BCA Research’s US Equity Strategy, clean energy is well poised for a sustained bull market over the long term. Governments around the world are enthusiastically lending their support to the clean energy industry. In the US, the IRA offers…