Declines in Chinese new and used home prices accelerated in May to 0.71% m/m and 1.00% m/m respectively, and the contraction in residential investment deepened to 10.1% YTD y/y. These figures come on the heels of relaxed purchase…
The ECB is now firmly in easing mode, even if it refuses to pre-commit to a specific rate path. What does this data dependency mean for the euro and European yields?
Generative AI-related rally resumed in May. Much of the recent market gains are down to excess liquidity that was begotten by the massive pandemic stimulus, creating a dichotomy between multiple economic challenges and exuberant…
Bank OZK (ticker: OZK) ended Wednesday’s session down over 14%, following a double downgrade from buy to sell by an analyst who raised concerns about loans on two specific development projects. OZK is known for its…
Recent US housing market data has been uninspiring. The FHFA house price index decelerated in March from 1.2% m/m to 0.1% m/m, disappointing expectations of 0.5% m/m, and the S&P CoreLogic 20-City index growth rate…
The RMB 500 billion program is small, as it is equivalent to only 4% of property developers' total funding from the past 12 months. This will preclude a recovery in property construction this year. Corporate profits will determine…
Q1 Earnings and sales growth were strong, but the devil is in the details: Without the Magnificent Five, earnings growth for the index would have been negative. On a positive note, margins have stabilized, and earnings growth is…
Several economic releases out of China disappointed in April. Retail sales decelerated from 3.1% y/y to 2.3% y/y and fixed asset investment growth slowed from 4.5% YTD y/y to 4.2% YTD y/y. Both were expected to accelerate.…
According to BCA Research’s China Investment Strategy service, a decisive turnaround in China’s economy hinges on a revival in the country’s property market. The April 30th Politburo meeting signaled…
The broad market took a significant step backward in April, as market jitters gripped investors, stoking fears of higher for longer monetary policy. However, our roundtable investor poll has demonstrated that the majority remain…