The US Federal Reserve Senior Loan Officer Opinion Survey (SLOOS) reveals that US banks continue to tighten lending standards for commercial and industrial (C&I), commercial real estate (CRE), residential real estate (RRE),…
According to BCA Research’s China Investment Strategy service, Beijing’s investment focus is shifting from traditional infrastructure to new economy infrastructure, which includes clean energy and high-tech sectors…
History suggests that a “soft landing” is highly unlikely after such an aggressive Fed tightening cycle. The rally could continue for a little longer but, on the 12-month horizon, market risks are very skewed to the downside.
According to BCA Research’s Global Investment Strategy service, it is too early to conclude that the Fed can stop raising rates. Consumption and real income growth are highly correlated. If inflation continues to fall,…
The Eurozone economy returned to expansion in the second quarter with real GDP rising by 0.3% q/q – beating expectations of 0.2% q/q. This follows an upwardly revised 0.0% in Q1 and a 0.1% contraction in Q4 2022. In…
The latest round of earnings calls from the systemically important banks suggested that the expansion is still intact. Households are still flush and still spending and consumer and business delinquencies remain remarkably low.
We are now midway through the Q2 2023 earnings season: 254 of the companies in the S&P 500 have reported. It’s therefore worthwhile to stand back and observe some of the emerging trends. According to Refinitiv IBES,…
US economic data released on Friday continued the string of good news about the US economy. On the inflation front, core PCE inflation – the Fed’s preferred gauge of underlying price pressures – softened to 0…
Euro Area consumer confidence has been steadily recovering since it bottomed in September. Most recently, the -15.1 flash estimate for July surprised to the upside and marks its highest reading since February 2022 – ahead…
South Korean exports in the first 20 days of July corroborate the signal from Taiwanese export orders that Asian trade conditions remain weak. The former declined by -15.3% y/y, undoing the optimism following a 5.3% y/y increase…