Industrials

Executive Summary Shanghai Is Extending Lockdowns Due To Exponentially Rising COVID Cases Shanghai Is Extending Lockdowns Due To Exponentially Rising COVID Cases…

Executive Summary Expansion In European Defense Expanding Military Spending…

Executive Summary Ebbing Stagflation Fear Will Prompt Rerating Ebbing Stagflation Fear Will Prompt Rerating…

Executive Summary Major EM’s Defense Spends Will Be Comparable To That Of Developed Countries Beware EMs That Borrow Too Much Or Wage War…

Executive Summary Copper Demand Follows GDP Copper Demand Follows GDP…

Executive Summary Macroeconomic Backdrop Favors Defensive Consumer Staples Macroeconomic Backdrop Favors Defensive Consumer Staples…

Image US defense stocks have been on a tear of late (outperforming SPX by 10% since late November), benefiting from both macro and geopolitical trends.   From a macro standpoint, the Defense industry has been neglected by…

Dear Client, Next week there will be no regular strategy report. Instead, we will hold our quarterly webcast which will discuss the outlook for the European economy and assets in 2022. I look forward to this interaction. Best regards, Mathieu Savary   Highlights European and…

Upgrading Airlines…

Image The latest CPI and PPI prints at 6.2% and 8.6% respectively, have surprised economists on the upside. Indeed, this level of inflation was unseen in the US for the last forty years. However, there are early signs that input costs…