Developed Countries

Eurozone Consumer Confidence Positively Surprises In November

Preliminary estimates indicate that Euro Area consumer confidence increased by 3.6 points to -23.9 in November, surpassing expectations of a more muted recovery. This second consecutive month of improvement comes on the heels of a consumption-driven…

3 years ago

Essentials

Cyclical And Structural Tailwinds Still Support The CHF

After declining 9% in the first ten months of the year, CHF/USD has rallied 5% so far in November amid broad-based dollar weakness. More generally, on a trade-weighted basis, the CHF has performed relatively well in 2022, returning 5% YTD. Tight monetary…

3 years ago

Essentials

Estimating Peak Global Interest Rates In 2023

BCA Research’s Global Fixed Income Strategy and US Bond Strategy services conclude that developed market interest rates are too low given the current pace of economic growth and inflation, but too high relative to their expectation for both variables to slow…

3 years ago

Equities

Airlines: How Soft Will The Landing Be?

Airlines have staged an impressive recovery this year, exceeding all expectations. While companies are optimistic, we are cautious. Just as pent-up demand for travel will fade, headwinds from slowing growth and high inflation will intensify. While it is highly likely that Airlines will continue to rally into the yearend, we will stick to our underweight as our three-to-six-month outlook remains negative.

3 years ago

US Equities

Essentials

Two Sides To The US Consumption Outlook

The near-term outlook for US consumption is a source of debate among BCA strategists. On the one hand, our Global Investment and US Investment strategists are positive on the short-term consumption outlook. They expect healthy balance sheets and large…

3 years ago

Essentials

European Households Vulnerable To Rising Mortgage Rates

BCA Research’s European Investment Strategy service concludes that the rise in mortgage rates will weaken housing activity in Europe in the foreseeable future. In 2021, the average homeownership rate among European countries was about 67%, despite outliers…

3 years ago

CoreMacro

What's New?

The latest CPI and PPI releases, the modestly less hawkish turn in Fed officials’ comments and evidence that consumers continue to spend with some relish support our constructive near-term views on equities and the economy.

3 years ago

CoreMacro

European Housing: A Market Of Ice And Fire

Special Report

What is the outlook for the European housing market amid rising mortgage rates and the energy crisis? Does housing represent a systemic risk? Can households weather the storm? And what are the opportunities, if any?

3 years ago

Europe Global

Essentials

UK New Fiscal Plan Improves Outlook For Gilts

UK Chancellor of the Exchequer Jeremy Hunt’s Autumn Statement unveiled a new fiscal plan that marked a U-turn from his predecessor’s mini budget announcement in late-September. The GBP 55bn plan includes GBP 30bn in spending cuts and GBP 25bn in tax…

3 years ago

Essentials

Tight Financial Conditions Will Choke Off Growth

The latest equity rally and dollar selloff drove the recent easing in the Goldman Sachs Financial Conditions Indexes for both the US and Euro Area. To the extent that financial conditions gauge the availability of funding in an economy, this is a positive…

3 years ago

Developed Countries

Related Topics