Executive Summary Macron Still Favored, But Le Pen Cannot Be Ruled Out Macron is still favored to win the French election but Le Pen’s odds are 45%. Le Pen would halt France’s neoliberal structural reforms,…
Since last October, Indian stocks have been in a trading range relative to their EM counterparts. Similarly, they have not fallen much so far in absolute terms – even though foreign investors have exited this market en…
Executive Summary Profit Margins Are Headed Lower; So Are Equity Multiples The post pandemic profit recovery in India was driven by a one-off revival of demand from very depressed levels, which led to a spike in profit…
HighlightsUpgrade odds of Russia invading Ukraine from 50% to 75%. The US and allies are transferring arms to Ukraine while seeking alternate energy supply for Europe.Of the 75% war risk, we give 10% odds to Russia conquering all of…
BCA Research’s Emerging Markets Strategy service expects profits to be the main driver of Indian stocks next year. Indian stocks need more time to digest and consolidate the significant gains from earlier this…
Highlights Indian stocks need more time to digest and consolidate the significant gains from earlier this year. However, the country’s medium and long-term growth outlook remains positive. Indian firms’ profit margins…
The rally in Indian equities appears to be losing some steam. The MSCI India index is down nearly 4% over the past two weeks. This follows a spectacular 26% rally since Q2. The recent slump comes amid concerns that valuations are…