Highlights MARKET FORECASTS Investment Strategy: Markets have entered a “show me” phase. Better economic data and meaningful progress on the trade negotiations will be necessary for stocks to move sustainably…
The price differential at which Canadian heavy-sour crude trades to the North American benchmark WTI will be pushed to -$20/bbl into 1Q20, as transportation constraints continue to slow the marginal barrel’s egress from Alberta.…
Highlights European and global growth will rebound in the fourth quarter but the rebound will lack longevity. Bonds: Expect bond yields to edge modestly higher, especially for those yields that are deeply in negative territory.…
The U.S.-China trade war still looms as the biggest risk to the global economy and remains the main source of investor angst. The Iranian attack on critical Saudi Arabian infrastructure also has the potential to destabilize…
Highlights The global manufacturing cycle is likely to bottom soon, and consumption and services remain robust. The risk of recession over the next 12 months is low. This suggests that equities will continue to outperform bonds. But…
Highlights The fundamentals of the U.S. economy remain strong but investors’ skittishness has caused stocks to fluctuate with the ebb and flow of news headlines. With investor sentiment playing a leading role, we introduce a…
Highlights President Trump’s support among Republicans and lack of smoking gun evidence will prevent his removal from office. Trade risk will increase if Trump’s approval benefits from impeachment proceedings and the U.S.…