Capex

In this report, we gauge the reasons behind the persistently weak Norwegian krone, despite what appears to be benign domestic economic conditions.

Over the past few weeks, global equities have been hit by rising scepticism over the bullish AI narrative and increasing concerns over global growth. Stocks should stabilize in the near term, but the medium-term direction is to the downside. We expect the S&P 500 to drop to 3750 in 2025 and the 10-year Treasury yield to fall to 3%.

Investors hope that the ECB rate cuts priced into the curve will be sufficient to achieve a soft landing in Europe. History argues against this view, but will this time be different?

As Trump’s victory odds rise, the underperformance of European equities deepens. How negative would a global trade war be for European assets?

Don't buy the dip. The equity bull market is over. The US will enter a recession in late 2024 or in early 2025.

The real threat to European equities is growth, not political risk. How low will Eurozone earnings fall during the coming recession and how much will equities decline in response?