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Fade The Positive Surprise From Chinese Exports
On the surface, Chinese export data delivered a positive surprise on Thursday, painting a favorable picture of the global manufacturing cycle. Exports unexpectedly grew on a year-over-year basis in November for the first time since April. The 0.5% y/y…
Daily Insights
The US Jobs Report, And What Will Trigger The Joshi Rule Recession Indicator
The ‘Joshi rule’ real-time recession indicator signals the start of a US recession when the three-month moving average of the unemployment rate of ‘job losers not on temporary layoff’ rises by 0.20 percent from its low during the previous 12 months. The…
Daily Insights
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2024 Key Views: China Is In A Deflationary Trap
Special Report

The overarching macro theme for China in 2024 will be deflation and its impact on the economy, macro policies, and financial markets. Widespread deflation, in combination with high debt levels and falling real estate prices, has unleashed debt deflation and balance sheet recession dynamics. The latter are rendering monetary policy inefficient.

China Investment Strategy, Emerging Markets Strategy by Arthur Budaghyan
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Thailand: Will Growth Revive Next Year?

Meager credit growth and shrinking real wages will keep Thai inflation very low in the coming months. The currency will get support from an improving current account surplus. Fixed-income investors should upgrade Thailand from neutral to overweight within EM domestic bond portfolios.

Emerging Markets Strategy by Rajeeb Pramanik
German Factory Orders Disappoint
German factory orders sent a disappointing signal on Wednesday.  New orders at German factories unexpectedly declined by 3.7% m/m in October, disappointing expectations of a 0.2% m/m rise following two consecutive months of increase. The annual rate of…
Daily Insights
Euro Area Retail Sales: A Budding Rebound?
Retail sales volumes grew on a sequential basis for the first time in three months in October, rising by 0.1% m/m following an upwardly revised 0.1% m/m decline. On an annual basis, the pace of decline slowed from -2.9% y/y to -1.2% y/y. While the release…
Daily Insights
Chinese Stocks: Cheap For A Reason
China’s CSI 300 equity index closed at its lowest level since early 2019 on Tuesday following news that Moody’s downgraded its outlook for China’s credit rating from stable to negative. The report cited the potential impact of financial stress among…
Daily Insights
Immaculate Disinflation?
The November services PMIs sent a slightly positive signal on Tuesday. The global measure ticked up from 50.4 to 50.6, pointing to a marginal pickup in the pace of expansion. Importantly, this slight improvement was broad-based across the major global…
Daily Insights
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2024 Key Views: The End Of Eras
Special Report

We expect the US economy to slow and potentially downshift into a recession sometime in 2024, as tighter monetary policy weighs on consumers and businesses. In addition, (geo)political tensions may increase market volatility. The risk/return for US equities is unfavorable. We recommend that our clients reduce portfolio beta and increase allocations to defensives and quality growth.

US Equity Strategy by Irene Tunkel
Eurozone Sentix: A Durable Improvement?
The Sentix Economic Index for the Eurozone continues to send a marginally positive signal. Its 1.8-point increase to -16.8 in December brings it to its highest level since May, albeit below expectations of a slightly more meaningful improvement to -15.6.…
Daily Insights

Related Topics

Business Cycles Capex Corporate Economic Growth Government Inflation/Deflation Labor Market Manufacturing Productivity Recession-Hard/Soft Landing See more Topics