Slowing global growth and inflation as well as a strong trade-weighted dollar could very well put a bid under the price of Treasury bonds over the next few months, especially as speculators are still large sellers of the whole U.…
Europe’s all-important PMI data continued its slide in November. The euro area manufacturing PMI registered at 51.5 for November, versus expectations of 52; while the composite PMI data came in at 52.4, also below…
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. This report is an edited transcript of our recent conversation. Mr. X: I have…
Dear Client, Early next week, we will be sending you our BCA Outlook 2019 - our annual dialogue with the bearishly inclined Mr. X and his family. In this report, BCA editors will highlight the most impactful themes for the global…
Highlights The relative performance of developed market (DM) versus emerging market (EM) equities just corresponds to the relative performance of healthcare versus financials. On a six month horizon, DM will underperform EM. Within…
This past year has been a great one for the U.S. economy, particularly when compared to previous years in this cycle. However, the U.S. data has started to weaken lately. The corporate sector and housing market look most…
Dear Client, Barring any major market developments, we will not be sending you a report next week. Instead, I will be working with my colleagues on BCA's Annual Outlook, which will be published on Monday, November 26. The outlook…
Highlights Global growth has not yet bottomed, this will provide additional support for the dollar. EUR/USD will be a buy once it dips below 1.1, as slowing global growth means that European activity will continue to lag behind the U.…
Highlights Bond yields have trapped equities, and equities have trapped bond yields. The double-digit investment opportunities are within asset-classes. From a tactical perspective: Banks will outperform the broad market. EM will…