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Special Report The Russian mutiny reveals the underlying trend of domestic instability. Russian instability is negative for global stability. The endgame of the war in Ukraine is exacerbating the problem, likely pushing up the equity risk premium…
Special Report Talks of a détente are premature and there is no domestic political basis in China or the US to support a true détente. Investors should not underappreciate global risk, on the basis of a détente, and should avoid Greater China…
Special Report We are strategically bullish on the outlook of the energy sector. Domestic and external political constraints asserted themselves, restraining the most negative impulse against this sector by the Biden administration. Go long energy…
  According to BCA Research’s Geopolitical Strategy service, geopolitical risk will rise before the Ukraine war is resolved, punishing eastern European emerging market assets on a relative basis. Ukraine’s…
  According to BCA Research’s US Political Strategy service, if Trump is imprisoned, the odds of Republican policy enactment will rise, not fall, on the margin. If he is not imprisoned, then the opposite will occur. Prior…
In response to the first-ever federal indictment of a former President, investors should focus on the state of the economy and not on Trump’s legal trouble. They should also use the current market rally to stock up on protection, as…
Special Report Global semiconductor demand will continue contracting, even though the pace of decline will moderate in 2023H2. While demand has increased briskly for Artificial Intelligence-type semiconductors, this will not be enough to lift…
Slowing manufacturing PMI indices globally indicate the slowdown in economic activity will persist. Manufacturing demand for commodities will also soften, weighing on industrial commodity prices. Geopolitical tensions and the race to…
  The Biden administration reached out to China to try to reduce tensions over the month of May, attracting interest from the investment community, though our Geopolitical Strategists believe the US and China cannot agree to a…
Expectations for oil demand growth through 2023-24 are way too optimistic. Until these expectations fall to -0.5-1 percent, the oil price has further downside. Plus: collapsed complexity confirms that AI is in a mania, while basic…