European political risk has been falling. As our geopolitical strategists recently highlighted, the probability of an EU break-up dropped to near historic lows and immigration flows have declined. The risk now is that European…
BCA Research’s European Investment Strategy & Global Fixed Income Strategy services conclude that it is too early to pivot out of European credit. The teams’ new Corporate Health Monitors (CHMs) for investment grade and…
Highlights US Treasuries: US Treasury yields are rising once again, in response to typical drivers – less dovish Fed commentary and upside growth surprises. The spread of the Delta variant in the US represents a potential near-…
Over the past three months, the Norwegian krone has been the worst performing G10 currency. However, a buying opportunity is opening up for this cyclical currency versus both the USD and EUR. First, our Foreign Exchange…
The August Sentix investor confidence index for the euro area was a miss. The headline index collapsed to a three-month low of 22.2 from 29.8, disappointing expectations of 29.0. The decline was driven by a deterioration in the…
Highlights China’s July Politburo meeting signaled that policy is unlikely to be overtightened. The Biden administration is likely to pass a bipartisan infrastructure deal – as well as a large spending bill by Christmas.…
The Bank of England (BoE) left its policy settings unchanged yesterday, but did provide strong indications that some removal of monetary accommodation would soon be necessary. The central bank noted that the UK economy was…
Highlights The rapid spread of the COVID-19 delta variant in Asia will re-focus precious metals markets anew on the possibility of another round of lockdowns and the implications for demand, particularly in Greater China and India,…
According to BCA Research’s European Investment Strategy service, investors should favor financials, industrials, and momentum stocks at the expense of growth stocks. Global safe-haven yields are unlikely to decline…