Economy

RBA Pauses, Maintains Possibility Of More Hikes

As expected, the RBA stood pat at its meeting on Tuesday following 10 consecutive rate hikes that pushed the cash rate up by 350 basis points to 3.6%. The Australian economy is starting to show the effect of the rate tightening campaign. Inflation has rolled…

3 years ago

Essentials

Canadian Consumers And Businesses: Grim Economic Outlook

Results from the BoC’s Business Outlook and Consumer Expectations Surveys for Q1 2023 indicate that the tightening cycle is impacting the Canadian economy. The share of households reporting being financially worse off because of the interest rate hikes rose…

3 years ago

Essentials

Are Homebuilders Vulnerable to a Pullback?

US homebuilder stocks have outperformed the S&P 500 by 29.7% since the end of Q3 2022. Meanwhile, banks have underperformed the S&P 500 over the same period, especially following their 23.3% plunge in relative term since March 1st. As a result, a gap has…

3 years ago

Essentials

Can European Equities Continue To Defy Banking Sector Risks?

BCA Research’s European Investment Strategy service concludes that the increase in the cost of capital caused by the recent period of stress in global banks will hurt European growth. The European stock market is at risk. The tightening in global credit…

3 years ago

Essentials

Global Manufacturing Activity Deteriorates In March

Global PMIs delivered a poor signal about manufacturing activity in March. The J.P. Morgan Global Manufacturing PMI ticked down from 49.9 to 49.6. It marks the seventh consecutive month below the 50 boom-bust line and indicates a slightly faster pace of…

3 years ago

Essentials

March Survey Results: Sticky Inflation, Hawkish Policy, Recession

In the monthly Daily Insights Survey we conducted last week, we asked about our readers’ expectations for Fed policy and the US economy. The majority of respondents (67%) expect the Fed to end the tightening cycle in H1 and subsequently pause for the…

3 years ago

Essentials

Emerging Asian Equities Are A Play On Global Manufacturing

According to our Emerging Markets Strategy service, Asian exports will continue contracting at a double-digit rate warranting a cautious stance on emerging Asian equity markets. The New Orders component of Asian Manufacturing PMIs have failed to move above…

3 years ago

Essentials

March In Review

March was a month of two halves. The turmoil that erupted in the wake of the failures of SVB and Signature Bank led to a bout of risk-off sentiment in the first half of March. Equities sold off globally, oil prices fell, and government bonds rallied amid…

3 years ago

Equities

Style Chart Pack

This week we are sending you a Style Chart Pack, which now includes a standalone macro section, as well as macro, fundamentals, valuations, technicals, and uses of cash charts for the S&P 500, Defensives vs. Cyclicals, Growth vs. Value, and Small vs. Large. In the front section of this publication, we will review recent equity performance, and attempt to answer real estate sector-related questions that are foremost in investors’ minds.

3 years ago

CoreMacro

Colombia: Bargain Or Value Trap?

Colombian assets are inexpensive, but they are cheap for a reason. The economy is entering a growth recession while inflation will remain sticky and above target. Further, President Gustavo Petro’s policies will lead to lower investment, rising political volatility, and public debt deterioration. Continue underweighting Colombia across all asset classes.

3 years ago

Economy

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