Equipment & Services
This report looks at investment implications, for Norwegian assets, given the recent meeting, from the Norges Bank.
Lower Path Of Least Resistance For Oil Prices…
Oil Is Facing Opposing Forces…
Carbon Credit Prices: The Correction Has Just Begun…
We close our overweights to Energy and Aerospace & Defense. The macroeconomic backdrop is deteriorating for Energy. As for A&D, the good news is already priced in.
China’s oil demand growth will moderate to a still robust 4%-6% in the next six-to-nine months. We recommend that investors in China’s onshore and offshore stock indexes overweight energy producers.
Executive Summary Earnings Growth Outpacing Multiple Expansion
Energy: After Seven Lean Years (Part II…
Highlights Alternative energy is priced to deliver spectacular long-term earnings growth, but this will be a very tough ask. While alternative energy will take a greater share of the energy pie, the pie itself is shrinking, as is its price. At its current valuation, alternative energy does…
Highlights Higher copper prices will follow in the wake of China's surge in steel demand, which lifted Shanghai steel futures to an all-time high just under 5,200 RMB/MT earlier this month, as building and infrastructure projects are completed this year (Chart of the Week). Copper will…
Overweight Quarter-to-date the S&P energy services index is up 12% compared with the 2% rise in the broad market. While the steep rebound in oil prices primarily lies behind such stellar outperformance (top panel), our capex upcycle theme for 2018 should support this nascent recovery.…