Highlights Structural Bond Backdrop: The secular global bond market outlook is slowly deteriorating on the margin. The structural forces that have driven down bond yields over the past few decades are in the process of stabilizing or…

Highlights Structural Bond Backdrop: The secular global bond market outlook is slowly deteriorating on the margin. The structural forces that have driven down bond yields over the past few decades are in the process of stabilizing or…

Highlights EUR/USD is likely to correct over the course of the coming weeks, however, the picture remains too murky to be aggressive. The dollar move since 2015 is still in line with previous sideways consolidations. Economic…

Special Report

The performance of European stocks relative to the U.S. has been dismal in the post-Lehman period. However, the Eurozone economy is performing impressively, profit growth is accelerating and margins are rising. This points to a period…

Special Report

Highlights Return on Equity (ROE) has historically driven bank share performance, with the yield curve being the key driver for earnings growth. Since the 2008-2009 Global Financial Crisis (GFC), however, the recovery in ROE has been…

Special Report

Feature We begin this short Special Report with three statements. Decide whether you agree or disagree with them: Equity market advances tend to be gradual and gentle, whereas sell-offs are sudden and sharp. Investors use the…

Highlights Major central banks outside the U.S. have fired a warning shot across the bow of global bond markets by signaling that "emergency" levels of monetary accommodation are no longer required. Pipeline inflation…

Highlights The Fed is behind the curve in raising rates, as is the Bank of Canada, the Reserve Bank of Australia, the Reserve Bank of New Zealand, and the Swedish Riksbank. In contrast, the Bank of Japan, the ECB, and the Swiss…

Highlights The era of divergent monetary policies between the ECB and the Fed is over. Re-convergence has a lot further to go. As the ECB ends its ultra-accommodation, it will also liberate Sweden's Riksbank. Go long Swedish…

Highlights DM Rates Strategy: Many central banks are responding to the strong global economic backdrop by signaling not only a shift in the bias of monetary policy, but actual changes in interest rates or asset purchases. We continue…