Slowing manufacturing PMI indices globally indicate the slowdown in economic activity will persist. Manufacturing demand for commodities will also soften, weighing on industrial commodity prices. Geopolitical tensions and the race to…
Chinese trade data delivered a disappointing signal about the global manufacturing cycle. After a brief rebound in March and April, exports dropped by 7.5% y/y in USD terms last month – below consensus estimates of a 1.8% y…
After a brief period of outperformance in late-2022/early-2023, Emerging Market stocks have been underperforming their Developed Market counterparts since January 19. While the DM equity benchmark is up 6.9% over this period, the…
The Biden administration reached out to China to try to reduce tensions over the month of May, attracting interest from the investment community, though our Geopolitical Strategists believe the US and China cannot agree to a…
This week we present our Portfolio Allocation Summary for June 2023.
Following this weekend’s OPEC 2.0 meeting, KSA announced a 1mm b/d crude output cut, slated for this July or August, as it attempts to support weak oil prices. The new output quotas, reduced to reflect members’ weak crude oil…
In this short weekly report, we review some of our favorite FX trades.
Global financial markets relapsed in May. After a relatively strong start to Q2, most of the major financial assets we track generated below average returns last month. A shift in investor expectations for the path of the Fed…
Our colleagues in BCA's Commodity & Energy Strategy (CES) service expect the Chinese Communist Party (CCP) to announce a new round of policy stimulus to re-boot the economy, in an effort to escape a prolonged liquidity…
The Global Manufacturing PMI was unchanged at 49.6 in May – below the 50 boom-bust line for the ninth consecutive month. The details of the release were mixed. On the one hand, the Production sub-component rose to an 11-…