Our Commodity & Energy Strategy colleagues’ once-out-of-consensus call on crude oil prices – i.e., benchmark Brent prices averaging $94/bbl in 2H23 and trading above $100/bbl by December – now is the…
China’s reopening faltered and now it is applying moderate stimulus. OPEC 2.0’s production discipline is getting results, with oil prices climbing. The Fed will not be able to deliver dovish surprises in Q4 2023. Investors should…
According to BCA Research’s US Political Strategy service, the Democratic Party will stick with the Biden-Harris ticket for longer than anyone expects. Changes to the ticket should be seen as negative for risk assets…
Brent crude closed above $90/bbl on Tuesday for the first time since November. The rally comes after key OPEC+ members extended production curbs until the end of the year. Saudi Arabia reported that its 1mm b/d of output cuts…
The geopolitical backdrop remains negative despite some marginally less negative news. China’s stimulus is not yet large or fast enough to prevent a market riot. Two of our preferred equity regions, ASEAN and Europe, are struggling…
In this report, we explore what a new BRICS+ union means for the dollar over the next 6-to-9 months.
The US and China agreed to hold trade talks more regularly on August 28, even as they fell short of establishing a strategic détente or general reduction of tensions. US Commerce Secretary Gina Raimondo visited Beijing…
Investors should underweight global equities and risk assets; overweight US stocks relative to global; and overweight defensive sectors versus cyclicals.
With the US presidential election approaching, our US political strategists are warning investors that stock markets are not immune to politics and geopolitics. Our colleagues have shown that out of 28 bear markets since the…