Our GeoMacro strategists remain negative toward US equities as President Trump’s efforts to limit the foreign investments of US firms will undercut their competitiveness. FDI brings clear strategic and financial gains, both…
The Fed held rates steady this afternoon, and the timing of its next move will be dictated by whether the tariff shock to inflation is transitory or more long lasting.
Negotiations on trade, Iran, and Ukraine will prove critical this month. Markets will remain volatile because positive data surprises enable the White House to press its hawkish tariff hikes, while negative surprises force the White…
BCA’s China Investment Strategists remain defensive as China’s growth outlook is still weak. Even if some US tariff rates are rolled back, export headwinds and lagging stimulus will continue to weigh on Chinese equities. The…
April’s ISM Services upside surprise does not shift our defensive stance, as its components show mixed momentum and rising price pressures. The headline index beat estimates, rising to 51.6 from 50.8. Business activity and new orders…
This year’s corporate bond sell off has hit high-yield more than investment grade, and high-yield spreads have turned relatively more attractive as a result.
Eurozone GDP beats expectations, but trade distortions and weakening demand momentum support a risk-off Eurozone playbook. Flash Q1 GDP rose 0.4% q/q (1.2% y/y), up from 0.2% in Q4, driven largely by net exports. A key contributor…
The Q1 US GDP contraction and inflation dynamics reinforce our defensive asset allocation. GDP missed estimates and contracted -0.3% annualized, led by a sharp slowdown in net exports. Consumption slid to 1.8% from 4.0%, reflecting…