BCA Research’s Private Market & Alternatives service sees challenges ahead for Global Buyout across geographies as valuations need further resetting. Buyout valuations globally are stretched relative to historic…
Equity investors resoundingly approved of the large-cap banks’ second-quarter earnings reports: in the seven sessions since C, JPM and WFC kicked off 2Q23 earnings on July 14th, the S&P 500 Banks Index rose 6.3% to the…
US speculative-grade corporate bond (junk) spreads rose significantly last year in response to a sharp increase in US interest rates and widespread concerns about a US recession. Junk spreads have since come in from their mid-…
The Q2-2023 earnings season will kick off this Friday. The following are the investors’ “Cliff notes” to this earnings season. Market Expectations Earnings growth: According to Refinitiv IBES, earnings…
According to BCA Research’s China Investment Strategy service, although the recovery in overall Chinese industrial profits will be subdued, there will be a silver lining among China’s consumer goods producers, autos…
The Conference Board’s US Leading Economic Indicator continues to warn about the economic outlook. The month-on-month rate of change and the six-month rate of change showed the index declining at a faster pace. Weaker…
Recent economic data reveal that Canadian household conditions remain resilient. Retail sales surprised to the upside in April. The 1.1% m/m increase follows two consecutive monthly declines and beat expectations of a 0.4% m/m…
High levels of inflation distort cross-period comparisons of both earnings and sales and mask real earnings growth rates. Last year is a case in point: While in nominal terms, earnings (including Energy) have been contracting for…
As we’ve highlighted in recent Insights, the S&P 500’s year-to-date rally has been concentrated among a few mega cap stocks. In particular, companies that benefit from the AI craze have driven the gains. This…