Financials

Highlights The ultimate extent of credit losses in this cycle is unknown, … : Conventional models are ill-equipped to project the damage that the pandemic will inflict on the economy when monetary and fiscal policymakers are doing all they can to mitigate…

Investment Banks: Value Trap Or Opportunity…

Banks: No Light At The End Of The Tunnel, Yet…

Dear Client, Next Monday, July 20, we will be hosting our quarterly webcast, one at 10am EST for our US and EMEA clients and one at 9pm for our Asia Pacific, Australia and New Zealand clients; our regular weekly publication will resume on Monday July 27,…

Highlights We are moving our tactical call on Chinese stocks from neutral to overweight, bringing it inline with our cyclical stance on Chinese equities. Our cyclical overweight stance is supported by several factors: the rate of recovery in China’s…

Highlights Money Supply Drivers: About 70% of the unprecedented increase in broad money supply is the result of the Fed’s asset purchase activity. The remaining 30% is due to an uptick in C&I loan growth, almost all of which is from nonfinancial firms…

Dear Client, There will be no US Equity Insights from July 1-3 inclusive, as the US Equity team will be on vacation for the week. Our regular publication schedule will resume on Monday July 13, 2020 with our Weekly Report. Happy Independence Day. …

Highlights The highly uncertain backdrop calls for taking less near-term risk: It may be boring, but it’s only prudent for asset allocators to limit risk exposures when the distribution of economic and public health outcomes is so unusually wide. The US…

Highlights The cyclical rally in stocks is not over, but the S&P 500 will churn between 2800 and 3200 this summer. Supportive policy, robust household balance sheets and budding economic growth have put a floor under global bourses. Political risk,…

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