Highlights This week, we present the second edition of the BCA Research Global Fixed Income Strategy (GFIS) Global Credit Conditions Chartbook—a review of central bank surveys of bank lending standards and loan demand. Feature…
Highlights GameStop & Bond Yields: The reflationary conditions that helped create a backdrop highly conducive to the wild stock market speculation on display last week – namely, aggressive monetary and fiscal policy stimulus…
Highlights The ongoing pandemic underscores the need for fiscal and monetary policymakers to continue to provide a reflationary “bridge” until vaccination ends the threat to the health care system. The pending deal being…
Highlights With a vaccine already rolling out in the UK and soon in the US, investors have reason to be optimistic about next year. Government bond yields are rising, cyclical equities are outperforming defensives, international stocks…
Spanish utilities surged 13-folds relative to Spanish financials between 2009 and October 2020. This incredible outperformance was rooted in many factors. Over this period, relative forward earnings increased 6-folds. Utilities…
In an Insight published yesterday, we noted that the euro area is now projected to contract in Q4, as a result of the recent second wave in COVID-19 cases and the associated lockdown measures to suppress its spread. We also noted…
Highlights Butterflies & Yield Curve Models: With bond market volatility now back to the subdued levels seen prior to the COVID-19 market turbulence earlier in 2020, it is a good time to update our global yield curve valuation…
In a webcast this Friday I will be joined by our Chief US Equity Strategist, Anastasios Avgeriou to debate ‘Sectors To Own, And Sectors To Avoid In The Post-Covid World’. Today’s report preludes five of the points…
It is easy to focus on the negatives afflicting the Spanish economy. Tourism accounts for 15% of GDP and will greatly atrophy over the coming years. NPLs will surge as 10% of businesses have already gone bankrupt and more will do…
Spanish stocks stand at their lowest level relative to the overall Eurozone since late 1996. Additionally, a composite valuation indicator currently shows that Spanish equities trade at their cheapest relative to European stocks…