Executive Summary Increase In Chinese Ag Prices Has Been Much More Muted Than Globally China’s food price inflation accelerated in April. The rising cost of global agricultural goods and domestic COVID-related…
Feature In our latest Sector Chart Pack, we initiated a new overweight position in the S&P Consumer Staples index. Staples outperformed the S&P 500 by 4% YTD. Staples stocks are a “deep”…
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…
Highlights Demand in the major economies remains well below its pre-pandemic trend. Meaning that relative to potential output, demand is lukewarm, at best. Inflation is hot, not because of strong overall demand, but because of the…
Nearly two-thirds of the S&P 500 companies reported their Q3 earnings, and the earnings season is drawing to a close. 83% of companies have beaten the street expectations with an average earnings surprise standing at 11% (40%…
With 119 S&P 500 companies having reported Q3-2021 earnings, it’s time to take a pulse of the interim results. So far, the blended earnings growth rate is 34.8% while actual reported growth rate is 49.9%. The blended sales…
In a recent daily report, we analyzed relative performance of the S&P 500 sectors and styles under different US 10-year Treasury yield (UST10Y) regimes. Today we expand our analysis and map relative performance of the S…
Foreword Today we are publishing a charts-only report focused on the S&P 500, and GICS 1 sectors. Many of the charts are self-explanatory; to some, we have added a short commentary. The charts cover macro, valuations,…
Chart 1Cyclicals Styels and Sectors Outperform In The Rising Rates Environment In a recent daily report, we analyzed performance of the S&P 500 sectors before and after the 2013 tapering announcement. Today we expand our…