ポリシー

Our Private Markets & Alternatives strategists assessed retail real estate opportunities.  Retail Real Estate is a contrarian opportunity, with investor sentiment at rock-bottom levels despite shifting consumption patterns. Click-and-collect,…

The ECB cut 25 bps as expected, bringing the deposit facility rate to 2.5%. President Lagarde reiterated the disinflationary process is “well on track” and described the policy stance as “meaningfully less restrictive”, signalling the ECB is nearing…

China’s February Caixin PMIs showed growth remains tepid. The composite ticked up to 51.5 from 51.1. Services are still showing a very faint expansion at 51.4, with manufacturing ticking up to 50.8. The message from the official NBS PMIs was similar.…

The February ISM Services beat estimates, rebounding to 53.5 from 52.8. All activity subcomponents increased, with new orders and employment ticking up. Price pressures however also increased, as prices paid went up and suppliers’ delivery times…

The Federal Reserve’s Beige Book shows a slowing economy, a moderating labor market, and rising price pressures.  The latest Beige Book is in line with other sentiment indicators showing slower growth and decreased confidence following the post-election…

In light of President Trump’s address to Congress and the ebb-and-flow of tariff announcements, our Geopolitical strategists assessed the constraints on the administration’s disruptive agenda. Trump’s ability to implement his agenda is strongest in early…

Leading US growth indicators have slowed, with economic surprises now in negative territory. However, Monday’s ISM Manufacturing showed that while activity is slowing due to tariffs uncertainty, supply-side price pressures are increasing. Our Price…

The Trump administration launched its biggest trade action on Tuesday, levying 25% tariffs on Canadian and Mexican goods, and an additional 10% to current tariffs on Chinese imports. Given its crucial role in US supply chains, Canadian energy only sees a 10%…