Global
Preliminary estimates suggest that activity continued to slow across DM economies in September. Manufacturing PMIs contracted at a faster pace in the US, Eurozone, Germany, France and Australia, and grew at a slower pace in the UK. Services PMIs continued…
The Draghi report highlights sensible reforms that would address many of Europe’s productivity shortcomings. Whether European capitals heed Mario Draghi’s advices remains to be seen.
The Bank of Japan kept its policy rate unchanged at 0.25% in September and signaled it was in no rush to lift rates further. This move follows two hikes this year, one of them unanticipated. The signaling is consistent with dovish comments in August…
The Bank of Japan’s policy normalization has been accompanied by exceptional outperformance by Japanese banks. Japanese banks have outperformed both the country’s broader market as well as the MSCI ACW Banks index by 10.3% and 2.6%, respectively, so far this…
The 10-year Treasury yield rose in the aftermath of the Fed’s jumbo rate cut on Wednesday. Our US Bond strategists noted that this move reflects the fact that the downward revisions to the dots still fall short of the magnitude of cuts embedded in the…
Singapore is a small open economy sensitive to global trade dynamics. Its non-oil exports (NODX) are thus a good bellwether for global growth conditions. Overall exports, which are highly volatile on a month-on-month basis, decelerated at a…
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most carry investors have covered their positions. Away from day-to-day noise, the longer-term trajectory of yen exchange rates will be driven by fundamentals. …
The Fed started its easing cycle with a bang, cutting the policy rate by 50 basis points in September, above consensus expectations but in line with odds embedded in the futures and OIS curves. Our US Bond strategists had highlighted it is unusual for the…
Despite the recent correction, US equity leadership remains intact. The MSCI US index has outperformed global markets by 3.8% in 2024YTD. A 7.8% expansion in forward earnings drove the MSCI US index’ 2024YTD gains which was higher than the increases in…