Highlights Earnings season was impressive, with 87% of companies beating analyst earnings expectations. Analysts’ targets were too low because a whopping 38% of companies provided negative forward guidance for the Q2-2021 results…

Foreword Today we are publishing a charts-only report focused on the S&P 500 and its sectors. Many of the charts are self-explanatory; to some we have added a short commentary.  As with the styles Chart Pack, published a month…

Highlights The ECB has changed its inflation target, but its credibility remains weak. Inflation will not allow the ECB to tighten policy anytime soon. Instead, the ECB will have to add to its asset purchase program next year and may…

Underweight Housing stocks have been resilient to rising interest rates for the most part of the year, but now macro headwinds are taking over this consumer discretionary sub-sector and we recommend a below benchmark allocation. Rising…

Highlights Tactically downgrade cyclical equities from overweight in Europe. The shift in global growth drivers, the beginning of the global liquidity withdrawal, and lingering COVID worries create headwinds for the cyclicals-to-…

Highlights US labor-market disappointments notwithstanding, the global recovery being propelled by real GDP growth in the world's major economies is on track to be the strongest in 80 years. This growth will fuel commodity demand,…

Highlights In the near term, the RMB against the US dollar has ceased to be a one-way bet. Market sentiment will re-focus on economic fundamentals, which are less supportive of further RMB appreciation.  In the longer term, the…

Special Report

Dear Client, In this special report we are pleased to introduce Ritika Mankar, the newest Strategist to join BCA Research and Geopolitical Strategy. Ritika hails from Mumbai where she has led a distinguished career as a director at…

Neutral   Home improvement retailers (HIR) were among the lucky ones that were allowed to keep their doors open during the pandemic. As a result, these big box retailers benefitted from the lockdown as people used their…

  Underweight High-Conviction While our underweight homebuilders call has been offside of late, we are sticking with it given the recent turn in some crucial data series. Interest and mortgage rates are a key determinant for…