Manufacturing and service flash PMIs for September were weaker than expected. In the US, both service and manufacturing PMIs fell below expectations, bringing down the composite PMI by 0.9 points to 54.5. This dynamic was even…
Dear Client, Next week, in lieu of our regular weekly report, I will be hosting two webcasts where I will discuss our view on China’s economy and financial markets. I will also address the topics that our clients are most concerned…
Dear Client, Next week, in lieu of our regular weekly report, I will be hosting two webcasts where I will discuss the outlook for China’s economy and financial markets, a year into policy normalization. The webcasts will be held…
Services PMIs for May confirmed the message from the global manufacturing sector earlier this week that the global recovery is accelerating. The Global Services PMI jumped to 59.4 from 57.0 in April. Improvement in both the…
Flash PMIs surprised to the upside in May. The US composite PMI jumped to a record high of 68.1 from 63.5; the Eurozone composite index climbed 3.1 points to 56.9 and beat the consensus forecast of a tamer rise to 55.1; and the…
Highlights The kiwi will continue to benefit from a pandemic-free recovery and normalization in monetary policy from the RBNZ. However, the kiwi is becoming expensive according to most of our models. This will begin to impact growth…
Highlights Clients countered our opinion that China’s economy has reached its cyclical peak. However, we have already incorporated the supporting facts into our analysis so they will not alter our cyclical outlook for the economy…
Highlights Higher copper prices will follow in the wake of China's surge in steel demand, which lifted Shanghai steel futures to an all-time high just under 5,200 RMB/MT earlier this month, as building and infrastructure projects…
Highlights Extremely accommodative fiscal policy and a rapid pace of vaccination puts the US on track to close its output gap by the end of the year. The situation is different in Europe, and the euro area economy will likely continue…
Dear Client, Dhaval Joshi has started publishing the new BCA Research Counterpoint product, in which he will continue to apply his unique process to dig up original investment opportunities around the globe. I trust many of you will…