Global cyclical sectors are outperforming defensive sectors on a year-to-date basis. The bulk of this outperformance occurred in the first seven months of the year. Relative valuations contributed to this dynamic as last year…
European flash PMI estimates for November sent a slightly less pessimistic signal on Thursday. The Eurozone composite PMI climbed by 0.6 points to 47.1, beating expectations of a more muted increase to 46.8. Notably, both the…
Global equities have had a stellar 2023, rising by 16% year-to-date and outperforming global bonds by roughly the same amount. However, the large concentration of US stocks in the Magnificent Seven has called into question the…
Confidence is on the mend in the Euro Area. The rebounding ZEW growth expectations index reveals that investors are becoming more optimistic. The German IFO's business climate index inched higher in October for the first time…
In the recently held Polish general elections, the ruling Law & Justice Party (PiS) lost power. Chances are that a coalition led by the Civic Platform party will form a government next month. The new coalition ran on a pro…
According to BCA Research's US Equity Strategy service, mid-caps underperform when spreads widen, although less so than Small as they are more financially robust and have better credit ratings. Small is the most leveraged…
Inflation has been in a downtrend for a few months now, which has translated into fading corporate pricing power. With wage growth still strong, and the cost of energy on the rise, the degree of companies’ pricing power…
After dipping into negative territory between June and early August, the Global Economic Surprise Index has since rebounded, signalling an improvement in economic momentum. Initially, this rebound was isolated to the US. However…
According to BCA Research’s European Investment Strategy service, the Magic Eight are the European counterpart to the US’ Magnificent Seven. The dominance of the so-called Magnificent Seven in the US S&P 500 is…