Highlights Chart 1Wage Growth Is Cooling In a speech last week, Fed Governor Christopher Waller presented the theoretical underpinnings for how the Fed plans to achieve a soft landing for the US economy.1 The Fed’s hope…
Investor sentiment towards Chinese equities appears to be improving. The CSI 300 Index, which tracks the performance of the largest stocks traded on the Shanghai and Shenzhen bourses, is up 9% in USD terms from its May 9 low. The…
Listen to a short summary of this report. Executive Summary Chinese Stocks Are Relatively Cheap The Chinese economy faces a trifecta of economic woes: 1) The threat of renewed Covid lockdowns; 2)…
Executive Summary Crude Oil Prices Will Remain High The EU embargo on Russian seaborne oil imports will tighten global crude oil and refined-product markets further. Pipeline imports are due to phase out by year-end.…
According to BCA Research’s Geopolitical Strategy service, even assuming that the war does not spread beyond Ukraine – likely but not certain – global financial markets face at least one more period of military…
Executive Summary What Will Be The Implications Of China’s Common Prosperity Policies? On the one hand, Chinese stocks are oversold, equity valuations are attractive and investor sentiment is downbeat. This means that a lot…
The Russian ruble has been the strongest currency in the world versus the US dollar since early March, following the invasion of Ukraine. Yet, the ruble’s performance is not a sign of economic strength. Rather, the reason…
Executive Summary EU Embargoes Russian Oil The EU imposed an embargo on 90% of Russian oil imports, which will provoke retaliation. Russia will squeeze Europe’s economy ahead of critical negotiations over the coming 6-…
Chinese PMIs from the National Bureau of Statistics surprised to the upside on Tuesday. The services PMI rose from 41.9 to 47.8 in May, exceeding expectations of 45.5. Similarly, the manufacturing PMI increased from 47.4 to 49.6…