The Trump slump is nearing a temporary reprieve, with a playable countertrend rally in stocks and a tactical rebound in the dollar. Go tactically long USD/SEK. For long-term investors though, the AI bubble still has a lot of air to…
Our Bank Credit Analyst strategists published their latest monthly report, and Section II aims to assess whether AI is leading to a productivity increase. Our colleagues remain unconvinced that Generative AI is a true…
Nvidia announced good results, but Q1 sales guidance fell short of expectations. The numbers point to growth normalization as investors have been accustomed to blowout numbers. Nvidia’s meteoric rise means investors think about…
Our China strategists assessed the outlook for Chinese stocks in the aftermath of the DeepSeek hype. DeepSeek’s innovations will boost China’s productivity and technological advancement but are unlikely to create a strong…
German factory orders contracted by a larger-than-anticipated 5.8% m/m (3.9% y/y) in August, from a 3.9% expansion (4.6% y/y). Domestically, Germany is constitutionally bound to maintain a balanced budget. The emergency…
According to BCA Research’s Bank Credit Analyst service, CAPEX does not appear to be especially broad-based even among the largest companies in the US. The enclosed chart presents a bottom-up estimate of CAPEX as…
Western policymakers are pursuing three capital “T” Truths: China is evil, climate change is a major risk, and Russia is… also evil. Pursuing all three priorities at the same time presents a version of the classic “impossible trinity…
According to BCA Research’s Global Asset Allocation Strategy service, a common objection to buying Bitcoin raised by traditional investors is that it is too volatile. In the past it has been argued that this is irrelevant,…