Economic Growth
Is The Market Now Pricing No Landing…
Downside Risk To Margins…
European profits margins are elevated. Will a mild recession be enough to bring them down?
The Dangers Of Debt
The…
Fed Beige Book Suggests Lackluster Consumption…
Philly Fed Manufacturing Survey Hides Softer Underlying Dynamics…
EM Asian Currencies Have Further Downside…
Chinese Data Distorted By Base Effects…
ZEW Expectations Reaches 26-Month High…
In the near term, favor oil and oil producers outside the Gulf Arab states. Over a 12-month horizon, favor US and North American equities, defensive sectors over cyclicals, and safe-assets. Within cyclicals, stick to energy and defense.