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Bank OZK (ticker: OZK, née Bank of the Ozarks) declined nearly 17% at its low on Wednesday, following a double downgrade from buy to sell by an analyst that also slashed his price target for the stock by a third. The analyst cited “newfound but substantial…
Our Global Asset Allocation strategists caution that US small-cap stocks’ deep discount relative to the S&P 500 is not the generational buying opportunity it may appear to be on its face. While the size premium discovered by Fama and French is real, it…
According to BCA Research’s European Investment Strategy service, the money sloshing around the financial system from pandemic-era stimulus measures disconnects near-term prospects for growth from risk asset prices. As a result, we are witnessing an odd…
We recommend overweight in Pharma over a tactical and strategic investment horizon, as challenges, that have recently hampered the industry group’s performance, are dissipating. Likely election outcomes are positive for the industry, while major trends like generative AI applied to drug development and an aging population are long-term tailwinds.
Sentiment among German companies stalled in May, after having firmed for 3 consecutive months. The IFO Business Climate came in at 89.3, unchanged from April, disappointing expectations of further strengthening to 90.4. Although respondents’ assessment of…
The US manufacturing cycle has followed a surprisingly stable pattern for over seven decades. History suggests that this cycle tends to last for about 36 months, with a down leg spanning 18 months, followed by an up leg approximately spanning another 18…
Looking at economic activity, global monetary policy seems restrictive, however, the behavior of financial markets tells a different story. What gives?
The signs of an approaching recession are starting to emerge. We will turn tactically defensive once they all fall into place.
Preliminary estimates suggest that manufacturing activity generally improved across DM economies in May. Manufacturing PMIs for the US, the Eurozone, Japan and the UK all improved from their April levels. Notably, manufacturing activity started growing…