Global
Contrary to the prevalent belief in the global investment community, goods/merchandise inventories in the US and East Asia are rather elevated. Financial markets respond to final demand fluctuations, not inventory restocking. Global manufacturing/trade will continue contracting, even though the pace of contraction might moderate in the near run. We recommend that investors fade the current rally.
The 2023 Global Equity Rally Extends Beyond The Magnificent Seven…
On Shifting Market Narratives…
Taiwanese Export Orders: Signal Or Noise…
Singapore's NODX: The Rebound Continues…
Core OPEC 2.0 Supply Discipline Continues…
Copper-To-Gold Ratio: Emerging Green Shoots…
The latest ‘nowcast’ for world economic growth in the fourth quarter has plunged to just 1.2 percent, marking the cusp of another world recession. One important implication is that expectations for oil demand growth and industrial metal demand growth are way too optimistic.
Treasury Yields And The Relative Performance Of Cyclical Equities…
Natgas Demand: Higher For Longer…