Executive Summary Analysts Have Little Confidence In Their Forecasts In the front section of the sector chart pack, we conduct cross-sectional comparisons. Profitability: Earnings expectations for the cyclical sectors are…
Executive Summary There has never been a modern era recession or sharp slowdown in which the oil price did not collapse. In a recession, the massive destruction of oil demand always overwhelms a tight supply. Across the last six…
In this week’s report “Adaptive Expectations: Revisiting Our Views”, we concluded that the S&P 500 is unlikely to find a bottom until inflation turns and monetary conditions stabilize, and US equities will follow a…
Executive Summary Structural Tailwinds For The Franc Volatility in FX markets is likely to remain elevated, as witnessed by the reaction of a full circle of central bank meetings this week.Policy convergence remains a good bet for…
Executive Summary ECB & Inflation: Whatever It Takes? Inflation is the European Central Bank’s single focus. This single-mindedness heightens the risks to Euro Area growth, especially because wider peripheral…
Executive Summary Allies Still Have Faith In USD The Biden administration’s use of sanctions has prompted market speculation about the longevity of the dollar. Yet the DXY has hit 100 and could break out, in the…
The US economy is in the midst of an economic growth slowdown, exacerbated by the nascent monetary tightening cycle, a war in Ukraine, and COVID-19 lockdowns in China. To protect our portfolio against the negative economic backdrop, we…