Special Report

Highlights France is on the verge of pro-market structural reforms; Marine Le Pen will not win the presidency. Her odds are 15%; The French economic upswing will continue to surprise; Overweight French stocks relative to German;…

Highlights U.S. growth will remain firm over the next 12 months, but then will begin to slow from its above-trend pace as the economy runs out of spare capacity. Fiscal stimulus, by the time it is enacted, may simply end up pushing up…

Special Report

Feature For the first time since the beginning of the recovery in 2009, the U.S. economy has the potential - and is showing signs - of entering a self-reinforcing phase. After years of expecting that the next recession is just around…

Highlights Look below the surface, and the euro area economy reveals some surprising and encouraging truths: Euro area employment is near an all-time high. Euro area inflation is little different to other major economies. The euro…

Special Report

Feature Which of the following activities requires more brainpower: beating a grandmaster at chess, or cleaning the table underneath the chessboard? The answer is cleaning the table. This explains why Artificial Intelligence (AI) can…

Highlights Overall Strategy: The global economy is entering a reflationary sweet spot that will last for the next two years. Investors should overweight equities, maintain slightly below benchmark exposure to government bonds, and…

Dear Client, This is our last report of the year. We will be back the first week of January with our 2017 Strategy Outlook. On behalf of BCA's Global Investment Strategy team, I would like to take this moment to wish you and your…

Special Report

Theme 1 - Returning U.S. Animal Spirits: I Want To Break Free Animal spirits are making a comeback in the U.S. The catalyst for this development is the hope that a Trump administration will alleviate the regulatory burden that has been a…

Highlights The FOMC statement was somewhat more hawkish than expected. The Fed is on course to raise rates two to three times next year. Trump's policy views are squarely bearish for bonds, but more mixed for stocks. Investors are…

Recommendation Allocation  Highlights Growth was picking up before the election of President Trump. His election merely accelerates the rotation from monetary to fiscal policy. This is likely to cause yields to rise, the Fed to…