Approaching the referendum on EU membership, what are the prospects for the U.K. economy and financial markets?

While we recently downgraded financials and banks to underweight, this bearish view does not extend to each of the sector's components. REITs are a positive exception. The group is still not overvalued, despite the relentless…

Following up from yesterday's S&P banks update, as banks go so do financials, given that they comprise the highest weight in the sector. Worrisomely, financials relative EPS momentum has more downside. Using the latest Fed…

At this stage of the business cycle, the bull case for banks rests on the ability of accelerating loan growth to offset the beginnings of deteriorating credit quality. However, the latest Fed Senior Bank Loan Officer Survey has poured…

Special Report

Colombia's structural growth outlook is superior to many other developing economies. In the near-term, however, Colombia's economy is set to weaken materially. Upgrade Colombian equities and sovereign credit to neutral versus EM…

Special Report

This week U.S. Equity Strategy is sending you the latest BCA Special Report, where Mark McClellan and Anastasios Avgeriou tackle the questions of "Global Earnings Recession: How Deep? How Long?"

Special Report

Earnings-per-share (EPS) for the MSCI all-country world index are estimated to have fallen by 7% in the year to March, the fourth quarter in a row of annual decline. The length and depth of the profits recession is key to the…

How big a problem are the non-performing loans in Italy and Greece? And what is the solution?

The near-term (next month or two) market dynamics in EM risk assets remain a coin toss. Beyond that the outlook for EM risk assets remains downbeat. EM financial markets are complacent and there are many potential negative EM/China…