Insights

Tech has starkly underperformed other equity sectors and the tech-heavy US market has underperformed non-US markets, but global stocks are up and have comfortably outperformed bonds. This pattern of performances is likely to continue through the rest of 2026. Plus, two new tactical trades are: long ...

Go long LATAM ex. Brazil banks / short global bank stocks. Brazilian bank equities will underperform due to poor and worsening macro fundamentals. ...

The recent Bitcoin selloff is lacking a clear macro driver. Our Chart Of The Week comes from Artem Sakhbiev, from our FX strategy team. Bitcoin is down roughly 45% since its October peak, erasing all gains since the 2024 US presidential election. While large drawdowns are common in crypto, the ...

January US CPI cooled slightly, with leading indicators pointing to further disinflation later this year. Headline inflation fell to 2.4% y/y in January from 2.7%. Similarly, core also cooled to 2.5% from 2.6%, in line with estimates. Core goods inflation declined from 1.4% y/y to 1.1%, while core s...

For this screener report, we explore opportunities in laggards with earnings momentum, Japanese semiconductors and US rate-sensitive stocks....

We spent last week meeting investors in Switzerland. This Strategy Insight revisits the most prominent topics we discussed, including repatriation fears, SNB intervention, and Dutch pension reform....

The capex debate is better framed not as boom versus bubble, but as around capacity, leverage, and cash conversion. ROEs have compressed, but revenue growth and margin expansion offer a credible path back. Spenders likely have time to make good on their investments, though the market’s leash may be ...

The CNY is undervalued and highly competitive. This gives China room to let the currency appreciate while remaining an export-driven powerhouse, gradually shifting from export intensity toward stronger domestic consumption. This achieves two objectives. First, it narrows the capital account deficit ...

This Special Report assesses evidence of RMB’s involvement in global carry trades, examines its structural characteristics, and identifies key indicators of a potential unwind....

The near-term outlook is less supportive for European banks and defense equities. We downgrade banks to neutral and continue to expect defense stocks to trade in a “sell the rumor, buy the news” pattern....