Highlights Risk assets are responding well to better data and rising rates. Q3 EPS results beating lowered expectations, but growth earnings will peak soon. The conditions are in place for robust capital spending. Financial assets…

Special Report

A capex revival is underway, powered by exceptionally strong business and consumer sentiment, the breadth of which covers virtually all developed economies. This global capex upcycle should underpin top-line growth and margin expansion…

Highlights U.S. credit growth is set to improve as capex has more upside and households benefits from a positive backdrop. The U.S. has substantially more room to increase leverage than the rest of the G10, pointing toward further…

In this week's Weekly Report, we are highlighting what we expect to be the key macro theme we see dominating markets in 2018: the nascent recovery in capital outlays transforming into a full blown capex upcycle. The second…

Special Report

Underappreciated Capex Table 1Evolution Of S&P 500 Q3 2017 Estimates  Equities moved laterally last week, consolidating recent gains. Loosening fiscal policy coupled with synchronized global growth remain the dominant macro…

Special Report

Highlights China's growth momentum is unlikely to continue to accelerate, but the downside risk is low. Some more recent developments suggest economic momentum remains fairly robust. The heated debate on a "soft or hard…

Highlights Oil prices have hit our target, but more upside is likely. President Trump's tax proposal has arrived and the Trump trades have responded. Surging M&A activity is not a sign of a market top. The supports are all…

Special Report

Highlights We estimate total Belt & Road Initiative (BRI) investment will rise from US$120 billion this year to about US$170 billion in 2020. The size of BRI investments is about 47 times smaller than China's annual gross…

Highlights The Q2 earnings season will be above average and the BCA Earnings model predicts EPS growth to hit 18% later this year before moderating in 2018. Are the NIPA and S&P profit measures sending different signals? Business…