According to BCA Research’s European Investment Strategy service, the underperformance of European assets relative to the US is due its lagging productivity, even after adjusting for sectoral compositions in their stock…
The JPM Global Manufacturing PMI improved from 50.0 to 50.3 in February, indicating that global manufacturing activity is growing again after having contracted for 18 months. Notably, new orders expanded from previously…
Economic sentiment has improved since the December FOMC meeting, with positive momentum extending into February. The chart above neatly summarizes the impact that the Fed’s projected easing has had on sentiment, both on…
China’s NBS PMI release indicates that the Chinese growth is stabilizing at a low level. The composite PMI came in at 50.9 – unchanged from January. The stabilization was led by the non-manufacturing sector though…
We feel as good about spurning the soft-landing narrative today as we did about spurning the recession narrative a year ago, but we are not giving into complacency. This week’s report looks at two key ways that we may be getting it…
The global equity rally – which fizzled at the start of the year – picked up steam again in February with nearly all major regions posting above average returns. After having underperformed last year, Chinese stocks…
As we highlighted in a previous Insight, the breadth of the US equity rally has been relatively narrow, led by extremely strong gains among Big Tech stocks. Tech is still the best performing sector, with the S&P IT price…
Amid patchy global growth, the US economy remains resilient. However, tight monetary policy will eventually trigger a recession in the US too. The stock market rally has been very narrow. Stay underweight risk assets.
In this insight, we provide an update on the Norwegian krone, with attractive trade ideas over a long-term horizon. Shorter-term, our neutral-to-positive view on the dollar keeps us on the sidelines for USD/NOK.