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Developed Countries

Gulliver In The Land Of Giants: Revisiting Market Concentration And Growth Vs Value
Special Report

The YTD market rally was driven by outperformance of high-quality growth stocks which offer protection in uncertain times. As growth continues to slow, high-quality growth stocks should continue to do well. Hence, we are moving to overweight Growth vs. Value.

US Equity Strategy, Equity Analyzer by Irene Tunkel
Is The RBA Done For This Cycle?
Special Report

In this Special Report, we evaluate future prospects for the Australian dollar and Australian government bonds. The currency remains fundamentally cheap, and positioning is very short, but the AUD will continue to underperform in the near-term due to sluggish global growth. Australian government bonds have had a nice run of outperformance over the past year, but it is now time to take profits with given the uncertainty that the RBA will deliver the rate cuts currently discounted.

Foreign Exchange Strategy, Global Fixed Income Strategy by Chester Ntonifor
US Retail Sales Disappoint
US retail sales delivered a negative signal about consumer demand in March. Overall retail sales fell by the most since November, with the 1% m/m drop coming in below expectations of a 0.5% m/m decline following February’s 0.2% m/m decrease. The monthly…
Daily Insights
US Consumer Inflation Expectations Reaccelerate
Data released over the past week show a resurgence in short-term US consumer inflation expectations. The University of Michigan Consumer Survey’s measure of year-ahead expectations jumped by 1 percentage point to a 5-month high of 4.6% in April. Similarly,…
Daily Insights
Equity Sector Performance Following A Pivot To Easing
“Bad news is good news” has emerged as the dominant market narrative over the past month. The early-March bank turmoil caused investors to raise their expectations of a Fed pivot to cutting interest rates in H2 in response to a deteriorating economic outlook.…
Daily Insights
Evidence in Support of the Kinked Phillips Curve
According to BCA Research’s Global Investment Strategy service, if we really are on the steep side of the aggregate supply curve, then falling demand will largely drive down inflation without driving down employment. Many investors and market commentators…
Daily Insights
US Wage Growth Reaccelerates
The Atlanta Fed Wage Growth Tracker reaccelerated in March, contradicting the signal from Average Hourly Earnings. The former rose from 6.1% to 6.4% (albeit below the 2022 peak of 6.7%) as the latter eased from 4.6% to 4.2%. Notably, service-sector wage…
Daily Insights
Will Cathie Wood's Ark Funds Outperform?

Innovative Tech will face macroeconomic headwinds in a new “higher for longer” interest regime. Yet, the long-term opportunity of the cohort is tremendous. Investors need to be judicious with the timing of adding new capital to these themes to bolster long-term returns.

US Equity Strategy by Irene Tunkel, Guy Russell
The Shelter Disinflation Has Begun
The US core consumer price index grew 0.38% in March, down from 0.45% in February and the lowest monthly print since November. The year-over-year core inflation rate is still a worryingly high 5.60%, but there is mounting evidence that a downtrend has begun. …
Daily Insights
BoC Pushes Back Against 2023 Rate Cut Expectations
As expected, the Bank of Canada held the policy rate unchanged at 4.5% for the second consecutive time on Wednesday. In the Monetary Policy Report, the central bank revised up its GDP forecast for 2023 from 1.0% to 1.4%, but revised down the 2024 estimate to…
Daily Insights

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