Investors are pricing in a soft landing in the US. Notably, we noted that pro-cyclical assets topped the performance ranking in August. At the same time, the S&P 500 is currently trading only 1% below its all-time highs.…

 As an industrial metal, copper acts as a barometer of economic activity. Silver and gold are safe-haven assets with inflation-hedging properties, though silver is relatively more sensitive to global growth developments given that…

  According to BCA Research’s China Investment Strategy service, the Fed’s upcoming rate cut will temporarily alleviate some of the downward pressure on the RMB, but beyond the short term the USD will likely rebound in…

  US headline CPI eased from 2.9% y/y to 2.5% in August in line with consensus predictions. However, core CPI unexpectedly accelerated from 0.2% m/m to 0.3%. Aside from airfares -- a highly volatile series which is likely to…

  Following a 12-year-long bear market, Greek equities have returned a whopping 186% in EUR terms from their 2016 lows. The Greek macroeconomic backdrop has indeed improved. Since 2021, Greece’s nominal GDP growth has…

  Despite global bond yields having trended lower since April, bonds have only started outperforming equities since July in US dollar terms. We expect this outperformance to persist going forward. Sentiment has largely driven…

  China’s CPI and PPI both surprised to the downside in August. Consumer prices grew from 0.5% y/y to 0.6%, below the 0.7% anticipated. However, a 2.8% y/y surge in food prices (the fastest pace so far this year)…

  Global semiconductor stocks have returned 50% YTD in USD terms, and a whopping 200% since their September 2022 lows. However, they may have peaked back in July. Our Emerging Market strategists highlight a significant…

  Many currencies have registered sizable gains against the US dollar over the last two months. Most notably, the yen has been one of the best G7 performers since the greenback began depreciating. It now trades at 143 against the…