Recession-Hard/Soft Landing
UK Retail Sales Surprise To The Downside…
Fed Beige Book Suggests Lackluster Consumption…
This year’s rise in commodity prices represents a blow-off rally rather than the start of a durable bull market. The global economy is heading for a recession. Stocks, commodities, and other risk assets are vulnerable.
Philly Fed Manufacturing Survey Hides Softer Underlying Dynamics…
On US Housing And Inflation…
ZEW Expectations Reaches 26-Month High…
Chinese Data Distorted By Base Effects…
In the near term, favor oil and oil producers outside the Gulf Arab states. Over a 12-month horizon, favor US and North American equities, defensive sectors over cyclicals, and safe-assets. Within cyclicals, stick to energy and defense.
A Tactical Buying Opportunity For EUR/USD…
US Retail Sales Come In Hot…