Executive Summary Analysts Have Little Confidence In Their Forecasts  In the front section of the sector chart pack, we conduct cross-sectional comparisons. Profitability: Earnings expectations for the cyclical sectors are…

In this week’s report “Adaptive Expectations: Revisiting Our Views”, we concluded that the S&P 500 is unlikely to find a bottom until inflation turns and monetary conditions stabilize, and US equities will follow a…

Inflation continues to put pressure on the US consumers. Negative real wage growth (Chart 1) and soaring prices of food and energy are pushing many low and middle-class Americans to shift spending away from discretionary items toward…

Executive Summary The structural downtrend in Chinese bond yields has a lot further to go, because it is helping to let the air out gently of stratospheric valuations in the real estate sector, and thereby preventing a hard landing for…

Special Report

Executive Summary Cheap Or Expensive?  President Emmanuel Macron will be re-elected.French growth will slow in the coming quarters but will also remain solid beyond that horizon.France’s reform push will continue, particularly pension…

Today, we are downgrading the S&P restaurants index from overweight to neutral. Currently, the industry faces a trifecta of challenges: Rising input prices, a stronger dollar, and a shift in consumer spending away from discretionary…

Chart 1  Today, we are downgrading the overall Consumer Discretionary index to underweight by reducing our allocation in two key industry groups: Retailing and Consumer Durables & Apparel. We remain constructive on Consumer…

Executive Summary Macroeconomic Backdrop Favors Defensive Consumer Staples  Markets now expect five-to-six rate hikes in 2022  The rate of change in rates as opposed to their level has triggered the fast and furious…

BCA Research is proud to announce a new feature to help clients get the most out of our research: an Executive Summary cover page on each of the BCA Research Reports. We created these summaries to help you quickly capture the main points…

Highlights We reformatted and added three sections to our existing trade tables: strategic themes, cyclical asset allocations and tactical investment recommendations. An extensive audit of our current trade book shows that our country…