Consumer Discretionary
Executive Summary Analysts Have Little Confidence In Their Forecasts
Analysts Have Little Confidence In Their Forecasts…
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 “fat and down” trajectory. We recommended that investors should overweight…
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 necessities (Chart 2). We have written about this here. …
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 the Chinese economy. In the US, flagging mortgage and…
Executive Summary Cheap Or Expensive?
Cheap Or Expensive…
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 goods and services towards necessities. Chart 1…
Chart 1
Chart 1
Chart 1…
Executive Summary Macroeconomic Backdrop Favors Defensive Consumer Staples
Macroeconomic Backdrop Favors Defensive Consumer Staples…
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 of each report through an at-a-glance read of key insights,…
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 and sector allocation recommendations have been successful.…