Relative to beaten-down expectations, global growth will surprise on the upside in 2023. Investors should overweight equities for now but look to turn more defensive in the second half of the year.

The European Commission risks retarding the development of long-term contracting for renewable energy just as momentum is building.  Policy uncertainty will continue to dog firms and households in the EU, if the Commission's attempts…

Slowing growth would be bad for equities, but so would stronger growth since it would mean more rate hikes.

In Section I, we note that the global growth outlook has modestly deteriorated over the past month, despite an improving 12-month outlook for Chinese domestic demand in response to the imminent end of the nation’s “dynamic zero-COVID…

Special Report

Energy and metal supplies are becoming increasingly scarce. In such a market, we will re-establish our long commodity exposure via the COMT ETF after being stopped out with a -4% return this week. We remain long equity exposure to…

Special Report

We explore the eight major themes that will define economic and market trends for Europe next year.

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey,…

Special Report

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey,…

In this Strategy Outlook, we present the major investment themes and views we see playing out next year and beyond.

European inflation will decline through 2023, which will greatly help households and consumption. But can European inflation remain low after that?