Executive Summary A True Bond Bear Market, USD-Hedged Or Unhedged The US dollar has appreciated in 2022, most notably against the euro and Japanese yen. The rally has been more muted against the currencies of major US…
According to BCA Research’s European Investment Strategy service, three major problems indicate that the current European earnings estimates for 2022 are too optimistic: namely, China’s economic slowdown, a global…
Executive Summary Three Problems For European EPS The Chinese economic slowdown in response to COVID lockdowns represents a major headwind for European profits in 2022. Weaker global growth creates another hurdle. The…
Listen to a short summary of this report. Executive Summary Second Fastest Hiking Cycle Ever? Can the Fed achieve a soft landing, bringing inflation back to its 2% target without causing growth to…
The German Manufacturing PMI has been declining relative to its US counterpart since January, underscoring that the Eurozone economy is facing stronger headwinds. Hard data corroborates this dynamic. The Euro Area’s Q1 GDP…
As expected, economic activity slowed in the Euro Area: GDP growth eased from 0.3% q/q in Q4 2021 to 0.2% q/q in Q1 2022. Meanwhile, core CPI inflation rose to a 29-year high of 3.5% y/y and headline inflation hit an all-time…
Executive Summary German GeoRisk Indicator Russia and Germany have begun cutting off each other’s energy in a major escalation of strategic tensions. The odds of Finland and Sweden joining NATO have shot up. A halt…
Sweden’s Riksbank unexpectedly lifted its policy rate from zero to 0.25% on Thursday – marking an earlier-than-anticipated start to the tightening cycle. The central bank also announced plans to reduce the pace of…