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A Tactical Regime Shift?
Two of our favorite indicators recently sent important signals. The first one, the short-term stock-bond yield correlation, recently drifted back to neutral territory after being negative. The correlation had been negative since December, reflecting increased…
Daily Insights by Felix-Antoine Vezina-Poirier
Will The Dollar Maintain Its Reserve Currency Status?
Our Chart Of The Week comes from Chester Ntonifor, Chief Strategist for our Foreign Exchange and Global Fixed Income Strategy services.   A big macro trade over the last few years has been to shun US Treasuries, in favor of gold. The key driver has…
Daily Insights by Felix-Antoine Vezina-Poirier
Will Europe’s Winners Keep Winning? A Look At Banks And Germany

Eurozone banks have quietly outpaced the Magnificent 7—can they keep winning? With strong balance sheets, rising profitability, and structural tailwinds, European lenders still offer value despite short-term risks. Meanwhile, German equities continue to defy expectations, but is a near-term pullback on the horizon?

European Investment Strategy by Mathieu Savary
Weekly Screeners: European Defense, Chinese Tech, And “Boring Stocks”

This week, our three screeners cover equity plays in European Defense, Chinese Tech, and “Boring Stocks”. 

Equity Analyzer by Guy Russell, Shi Li
Philly Fed Manufacturing: US Manufacturing Rebound Could Be Short-Lived
The February Philadelphia Fed Manufacturing index beat expectations, but retreated to 18.1 from last month’s lofty 44.3 reading. All activity subcomponents pulled back, except for delivery times. The Philly Fed index is volatile even in normal times, and…
Daily Insights by Felix-Antoine Vezina-Poirier
Euro Area: Can Sentiment Improve Further?
A nascent theme in the latest data is the broad improvement in European sentiment. The February Sentix and ZEW surveys both improved, and flash estimates for European consumer confidence beat estimates, ticking up to -13.6%. Confidence remains low, but…
Daily Insights by Felix-Antoine Vezina-Poirier
Europe's New Hope: Examining Private Credit And Equity

We are at a pivotal moment for Europe, supported by structural reforms and macro catalysts. While expanding credit markets and lower rates favor Private Equity over Private Credit, opportunities vary by segment. Large+ Buyouts are attractive as markets have priced in structural challenges. We downgrade Europe Private Credit, remain neutral on Europe Private Equity broadly but overweight Europe vs. North America in PE portfolios.

Private Markets & Alternatives, GeoMacro Strategy, European Investment Strategy by Brian Payne
German Election: Winds Of Change, Again
Our Geopolitical Strategy team reviewed possible outcomes for Sunday's German election as the far-right is playing an expanding role in mainstream German politics. German voters have shifted to the right, weakening the ruling center-left parties and…
Daily Insights by Felix-Antoine Vezina-Poirier
US Housing Weakens Further
US January housing data disappointed, with housing starts falling 9.8% m/m after expanding 16.1% in December. The February NAHB Housing Market Index also weakened, falling to 42 from 47 in February. Building permits were the one positive surprise, growing…
Daily Insights by Felix-Antoine Vezina-Poirier
Will Trump Make Europe Great Again?
While the main Q1 2025 theme has been “America First”, the year-to-date market story has been more nuanced. “America First” would suggest an outperformance of US assets, but it is European assets that have started the year on a strong footing: The EURO STOXX…
Daily Insights by Felix-Antoine Vezina-Poirier

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