Dear Client, Thank you for your continued readership and support this year. This is the last European Investment Strategy report for 2021. In this piece, we review ten charts covering important aspects of the European economy and…
Highlights Our three strategic themes over the long run: (1) great power rivalry (2) hypo-globalization (3) populism and nationalism. The implications are inflationary over the long run. Nations that gear up for potential conflict and…
Dear Clients, This is the final publication for the year, in which we recap some of the key economic developments this month. Our publishing schedule will resume on January 6, 2022. The China Investment Strategy team wishes you a very…
Highlights The risk to European stocks from higher yields is overstated for 2022. Not only do equities possess a valuation cushion compared to bonds, but also the stock returns/bond yields correlation remains positive. This positive…
Highlights The helicopter drops are over, … : The economic impact payments and supplemental unemployment insurance benefits may have stopped, but their full impact has yet to be felt. … but fiscal and monetary…
Highlights A partial reinvasion of Ukraine cannot be ruled out. The constraints on Russia are not prohibitive, especially amid global energy shortages. On this issue, it is better to be alarmist than complacent. We would put the risk…
Highlights 1. How will the pandemic resolve? 2. Will services spending recover to its pre-pandemic trend? 3. Will we spend our excess savings? 4. How will central banks react to inflation? 5. Will cryptocurrencies continue to eat gold…