China’s official and Caixin PMIs sent contradictory messages in April. According to the NBS release, the composite PMI declined to 53.8 from 55.3 on greater than anticipated slowdowns in both the manufacturing and non-…
Highlights Biden’s first 100 days are characterized by a liberal spend-and-tax agenda unseen since the 1960s. It is not a “bait and switch,” however. Voters do not care about deficits and debt. At least not for now.…
BCA Research’s Emerging Markets Strategy service recently downgraded EM sovereign and corporate credit to underweight relative to US corporate credit over a tactical investment horizon. For EM sovereign issuers,…
Highlights Rising CO2 emissions on the back of stronger global energy growth this year will keep energy markets focused on expanding ESG risks in the buildout of renewable generation via metals mining (Chart of the Week). …
Highlights Developed economies continue to transition towards a post-pandemic state. Europe has further to go, but it is lagging the US at a constant rate and is thus merely delayed – not on a different path. This ongoing…
BCA Research’s China Investment Strategy service concludes that an underweight position in Chinese stocks is warranted for the next six months. Historically, China’s credit formation has consistently led economic…
China's H-share market lagged its A-share counterpart in most of 2019 and 2020. While A shares benefited more directly from China’s domestic liquidity and monetary easing in the past two years, H-shares were hammered by…
Highlights Clients countered our opinion that China’s economy has reached its cyclical peak. However, we have already incorporated the supporting facts into our analysis so they will not alter our cyclical outlook for the economy…
Chinese stocks were the worst performing among major global equity benchmarks on Monday. The CSI 300 dipped 1.13%, while the S&P 500 and Eurostoxx 50 gained 0.18% and 0.22%, respectively. An investigation into Meituan’s…