Our Commodity & Energy Strategy team evaluated the impact of president-elect Trump’s policies on commodity markets. Trump’s energy policies, while promoting increased domestic oil production, are unlikely to…

  European monetary data printed in line with expectations in October, with M3 growing 3.4% y/y vs. 3.2% in September. Growth in private sector lending was unchanged at 1.2% y/y despite the recent easing in lending standards. We…

  The Fed’s preferred measure of inflation, core PCE, met expectations of 0.3% m/m in October, and accelerated to 2.8% y/y from 2.7% in September. Inflation rose on the back of hot inputs from the PPI report, which is not…

  Investors focused on the flurry of cabinet nominations in the aftermath of the US election, but the US does not have a monopoly on political drama. France is going through turmoil of its own. This summer’s snap election…

  Consumer confidence came in as expected in November, with The Conference Board’s index rising to 111.7 from 108.7 in October, a level not seen since August 2023. Both the assessment of consumers’ present and future…

  President-elect Trump jolted markets Monday night by declaring that tariffs will be implemented on imports from Mexico, Canada, and China. The US dollar strengthened while stocks fell, as did Treasury yields. Equities, however,…

  We used last Friday’s BCA Live & Unfiltered Meeting to assess our views on the US dollar after its recent bull run. While technical indicators may show short-term exhaustion, and Scott Bessent’s nomination for…

  The November Ifo Business Climate index for Germany missed expectations, falling to 85.7 from 86.5 in October. Both subcomponents decreased, with the Current Assessment sliding 1.4 points to 84.3 and Expectations essentially flat…

  Our US Investment Strategy team analyzed recent US consumer trends through the lens of major retailers’ earnings calls, which highlighted increasingly prudent spending. Consumer caution is apparent in these earnings…