Executive Summary The USD has appreciated by over 25% since the beginning of 2021. This is a negative for US corporate sales and profits and is a drag on US equity performance. According to BCA FX strategists, the USD is likely to…
S&P 500 Chart 1Macroeconomic Backdrop Chart 2Profitability Chart 3Valuations And Technicals Chart 4Uses Of Cash Cyclicals Vs Defensives Chart 5Macroeconomic Backdrop Chart…
Executive Summary Biden Taps China-Bashing Consensus House Speaker Nancy Pelosi’s visit to Taiwan reflects one of our emerging views in 2022: the Biden administration’s willingness to take foreign policy risks…
Dear client, In lieu of July 18 publication, I will be hosting our quarterly webcast that I invite you to join. Our regular weekly publication will resume Monday, July 25. Kind Regards, Irene Tunkel Chief Strategist, US Equity…
In lieu of next week’s report, I will host a Webcast on Monday, June 27 to explain the recent market turmoil and how to navigate it through the second half of 2022. Please mark the date, and I do hope you can join. Executive…
Executive Summary Lower Rates Are A Tailwind For Growth Stocks We remain in the bearish camp. While the market bottom is getting closer, there are still hurdles to overcome such as elevated economic and earnings…
Executive Summary Equities Are Still Attractive Versus Bonds Macroeconomic Outlook: Global growth will reaccelerate in the second half of this year provided a ceasefire in Ukraine is reached. Inflation will temporarily come…
Executive Summary Expansion In European Defense European yields have significant upside on a structural basis. European government spending will remain generous, which will boost domestic demand; meanwhile, lower global…
Executive Summary On a tactical (3-month) horizon, the inflationary impulse from soaring energy and food prices combined with the choke on growth from sanctions will weigh on both the global economy and the global stock market. As…