Feature Recommended Allocation In late November, BCA Research published its 2020 Outlook titled Heading Into The End Game, an annual discussion between BCA’s managing editors and the firm’s longstanding clients Mr.…
Germany is wading deeper into a period of political risk surrounding Chancellor Angela Merkel’s “lame duck” phase. The federal election of 2021 already looms large. Our indicator is only beginning to price this…
Highlights The US-China trade talks will continue despite Hong Kong. The UK election will not reintroduce no-deal Brexit risk – either in the short run or the long run. European political risk is set to rise from low levels,…
Highlights Global High-Yield: The widening of US Caa-rated high-yield spreads is narrowly focused in Energy-related companies. The conditions for a spillover into the broader junk bond market (tight monetary policy, tightening lending…
Two crucial bellwethers for European economic activity improved in November. The German IFO rebounded marginally, but did not manage to beat expectations. However, the Belgian Business Confidence survey continued…
Dear Client, In addition to this short weekly report, you will also receive our 2020 outlook, published by the Bank Credit Analyst. Next week, I will be on the road visiting clients in South Africa. I hope to report my discussions and…
Mr. X and his daughter, Ms. X, are long-time BCA clients who visit our office toward the end of each year to discuss the economic and financial market outlook for the year ahead. This report is an edited transcript of our recent…