Recession-Hard/Soft Landing
Resilient US Retail Sales Suggest Dovish Fed Surprise Not Imminent…
A BoE Pivot Requires Lower UK Inflation…
Rate Cut Expectations Continue To Bolster German Investor Morale…
Are Inflationary Pressures Picking Up In Canada…
Empire State Survey Plunges To May 2020 Low…
The market will eventually be forced to react to rising odds of a sharp US national policy reversal. Investors should overweight government bonds and defensive equity sectors.
The US manufacturing renaissance, spurred on by reshoring, automation, and government spending, is running its course but progress has slowed on the back of tight monetary conditions and the manufacturing recession. The deceleration of these positive trends weighs on the outlook for the Capital Goods industry group, impeding its performance over the short term. However, we reiterate that positive long-term trends for the industry remain intact. We downgrade Capital Goods to a tactical underweight. It remains a strategic overweight.
European Stocks Are Vulnerable…
Economic Uncertainty Is Top Concern Among Canadian Businesses…
Chinese Private Sector Credit Demand Remains Weak…