The Japanese yen has been performing poorly recently. It is the only G10 currency that has depreciated vis-à-vis the USD over the past week. Several factors explain the yen’s underperformance. First, after a period of strength…
Highlights Q3/2021 Performance Breakdown: Our recommended model bond portfolio outperformed the custom benchmark index by +8bps during the third quarter of the year. Winners & Losers: The government bond side of the portfolio…
Highlights Recommended Allocation The global economy will continue to grow at an above-trend rate over the next 12 months and central banks will remove accommodation only slowly.But the second year of a bull market is often…
Japanese stocks have recently been one of the best performing global equity markets. MSCI Japan gained 2% in September, while the US and All Country World Indices each fell more than 4%. The outperformance reflects domestic…
Highlights Monetary Policy: Last week’s numerous central bank meetings across the world confirmed that the overall direction for global monetary policy is shifting in a more hawkish direction. The main reason: growing fears that…
Highlights The US Climate Prediction Center gives ~ 70% odds another La Niña will form in the August – October interval and will continue through winter 2021-22. This will be a second-year La Niña if it forms, and…
Japanese stocks have been enjoying a sharp rally in recent days with the MSCI Japan index up 6% in USD terms in just under a week and a half. The Japanese bourse is dominated by highly cyclical sectors with industrials, consumer…
Japanese equities rallied on Friday amid expectations of greater fiscal stimulus. This follows news that Prime Minister Yoshihide Suga will not run for re-election in the Liberal Democratic Party's leadership race later this…
Highlights An Iran crisis is imminent. We still think a US-Iran détente is possible but our conviction is lower until Biden makes a successful show of force. Oil prices will be volatile. Fiscal drag is a risk to the cyclical…