Real Estate

Highlights Portfolio Strategy Operating leverage could surprise on the strong side this year, based on the message from our pricing power and wage growth indicators. REITs are experiencing a playable recovery following the Fed-induced sell-off earlier…

Highlights Recommended Allocation Quarterly - April 2017…

Highlights Renewed deflationary pressures indicate that the Hong Kong dollar may have once again become expensive. The currency peg will stay and domestic prices will adjust as a release valve. Developing deflationary pressures and slowing rent growth…

Highlights A gradual rise in interest rates will not be problematic for the housing market. Throughout the cycle, it has been potential homebuyers' lack of savings, and tougher lending standards, that has held back the housing expansion. A steady…

Highlights Chart of the WeekCopper Term Structure, Inventories##br## Are Not Reflecting Scarcity Copper Term Structure, Inventories Are Not Reflecting Scarcity…

Highlights Please note that today we are publishing an abbreviated Weekly Bulletin as tomorrow we will publish Great Debate: Does China Have Too Much Debt Or Too Much Savings? The latter report will elaborate on long-standing view differences on China…

Housing-related stocks have delivered positive earnings surprises, but anxiety about rising mortgage rates challenges the outlook. While the latter is a risk, cheap valuations and consumers' underappreciated ability to absorb rising borrowing costs offset…

Highlights Key Portfolio Highlights Improved world economic growth and rising inflation expectations have buoyed global equities (Chart 1). The downside is that financial conditions are tightening and U.S. dollar-based liquidity is contracting, which is…

The Treasury bond sell has undermined the REIT sector, but that has created excellent value. Our REIT valuation gauge is one standard deviation below the mean, an excellent starting point for forward relative returns. Now that Treasury yields are also in…

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 the corner, economic…