Foreword Today we are publishing a charts-only report focused on the S&P 500, Cyclicals/Defensives, Growth/Value, and Small/Large. Many of the charts are self-explanatory; to some we have added a short commentary. The charts cover…
Highlights Earnings season was impressive, with 87% of companies beating analyst earnings expectations. Analysts’ targets were too low because a whopping 38% of companies provided negative forward guidance for the Q2-2021 results…
Highlights Recent progress on the path to a post-pandemic state and the return to pre-COVID economic conditions has been mixed. The share of vaccinated individuals continues to rise globally, and the number of confirmed UK cases has…
Foreword Today we are publishing a charts-only report focused on the S&P 500, Cyclicals/Defensives, Growth/Value, and Small/Large. Many of the charts are self-explanatory; to some we have added a short commentary. The charts cover…
Dear Client, China Investment Strategy will take a summer break next week. We will resume our publication on July 14th. Best regards and we wish you a happy and healthy summer. Jing Sima, China Strategist Highlights A USD…
Initial public offerings (IPOs) are a source of future small-cap index constituents. Last year was a fruitful year since 165 companies went public. However, just to put things into perspective, 1999 and 2000 saw 476 and 380…
Highlights The US is withdrawing from the Middle East and South Asia and making a strategic pivot to Asia Pacific. The third quarter will see risks flare around Iran and the US rejoin the 2015 Iranian nuclear deal. The result is…
Highlights The US business cycle is shifting into a slowdown stage: US economic and earnings growth will remain robust but decelerate from their peak. Treasury rates have stabilized, and inflation fears, if not dissipated, have…
Highlights President Biden has called for the US intelligence community to investigate the origins of COVID-19 and one of Biden’s top diplomats has stated the obvious: the era of “engagement” with China is over. This…
Highlights Important leading indicators of Eurozone activity point to record growth in the coming quarters. Progress on the vaccination front, global pent-up demand, and easing fiscal policy will fuel the Euro Area recovery. Consensus…