Preliminary estimates suggest that activity continued to slow across DM economies in September. Manufacturing PMIs contracted at a faster pace in the US, Eurozone, Germany, France and Australia, and grew at a slower pace in…
The Bank of Japan’s policy normalization has been accompanied by exceptional outperformance by Japanese banks. Japanese banks have outperformed both the country’s broader market as well as the MSCI ACW Banks index by…
The Bank of Japan kept its policy rate unchanged at 0.25% in September and signaled it was in no rush to lift rates further. This move follows two hikes this year, one of them unanticipated. The signaling is consistent…
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most carry investors have covered their positions. Away from day-to-day noise, the longer-term trajectory of yen exchange rates…
Volkswagen’s CEO has been making the point that the market for European carmakers has been deteriorating. Earlier last week, he went on to make a rather pointed reference at Chinese EV manufacturers. He was quoted…
Global semiconductor stocks have returned 50% YTD in USD terms, and a whopping 200% since their September 2022 lows. However, they may have peaked back in July. Our Emerging Market strategists highlight a significant…
Many currencies have registered sizable gains against the US dollar over the last two months. Most notably, the yen has been one of the best G7 performers since the greenback began depreciating. It now trades at 143 against the…
Tokyo’s CPI is a timely leading indicator of nationwide price pressures. In August, the headline, core (ex-food) and the “core core” (ex-food and energy) measures all accelerated by larger-than-expected margins…