The Federal Reserve’s Beige Book shows a slowing economy, a moderating labor market, and rising price pressures. The latest Beige Book is in line with other sentiment indicators showing slower growth and decreased confidence…
China’s February Caixin PMIs showed growth remains tepid. The composite ticked up to 51.5 from 51.1. Services are still showing a very faint expansion at 51.4, with manufacturing ticking up to 50.8. The message from the official NBS…
The February ISM Services beat estimates, rebounding to 53.5 from 52.8. All activity subcomponents increased, with new orders and employment ticking up. Price pressures however also increased, as prices paid went up and suppliers’…
Our European strategists see Europe escaping its liquidity trap, which will create a structural tailwind for European assets. Europe’s resilience amid global shocks is supported by a shift away from precautionary money demand,…
The Trump administration launched its biggest trade action on Tuesday, levying 25% tariffs on Canadian and Mexican goods, and an additional 10% to current tariffs on Chinese imports. Given its crucial role in US supply chains,…
Leading US growth indicators have slowed, with economic surprises now in negative territory. However, Monday’s ISM Manufacturing showed that while activity is slowing due to tariffs uncertainty, supply-side price pressures are…
Our Geopolitical strategists received a lot of client questions following rapid US political developments, and addressed them in their latest report. US policy uncertainty is spiking, driving global uncertainty higher. Tariff…
February flash inflation for the Eurozone was slightly hotter than expected but nonetheless declined, with both headline and core inflation falling 0.1% to 2.4% y/y and 2.6%, respectively. Services inflation also declined to 3.7%…
The February ISM Manufacturing index was weaker than expected, declining to 50.3 from 50.9. New orders plunged to 48.6 from 55.1, with employment also contracting. Price pressures however increased. Prices paid and suppliers’…
Europe’s resilience to global liquidity deterioration isn’t a fluke—it signals a structural shift. Our latest report explains why the decline in precautionary money demand marks the end of Europe’s liquidity trap and what it means…