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Consumer

US Durable Goods Orders Disappoint In July
US durable goods orders delivered a negative surprise on Thursday. The 5.2% m/m decline in new orders for manufactured durable goods came in below expectations of a 4.0% m/m decrease and marks the biggest monthly drop since April 2020. On the one hand,…
Daily Insights
Philly Fed Nonmanufacturing Index Relapses
Results of the Philadelphia Fed’s August Nonmanufacturing Business Outlook Survey sent a negative signal on Tuesday. The diffusion index for firms’ assessment of general business activity across the region relapsed and fell by 14.5 points to -13.1, indicating…
Daily Insights
Deteriorating US Housing Affordability
The latest update of the Atlanta Fed’s Home Ownership Affordability Monitor (HOAM) – which gauges a median-income households’ ability to absorb annual costs related to owning a median-priced home – is now at its lowest level since last October. At 69.5 in…
Daily Insights
China: Easing Monetary Conditions Have Not Led To Credit Growth Revival
Despite the underwhelming economic recovery, Chinese authorities remain reluctant to open wide stimulus taps as much as they have in past economic downturns. This is corroborated by the PBoC’s marginal interest rate cut last Tuesday. The one-year medium-term…
Daily Insights
The Inflation Genie In Japan
According to BCA Research’s Foreign Exchange Strategy and Global Investment Strategy services, most indications of Japanese inflation are pointing to upside surprises. This will boost interest-rate differentials in favor of the yen. Core-core CPI came…
Daily Insights
The Case For Japan

In this special report, we discuss whether the economic conditions necessary for a stronger yen (and higher JGB yields) will materialize over the next 12-to-18 months.

Foreign Exchange Strategy, Global Fixed Income Strategy, Global Investment Strategy by Melanie Kermadjian, Chester Ntonifor
The Case For Japan

In this special report, we discuss whether the economic conditions necessary for a stronger yen (and higher JGB yields) will materialize over the next 12-to-18 months.

Foreign Exchange Strategy by Melanie Kermadjian, Chester Ntonifor
The Low-Hanging Fruit Has Been Picked
BCA Research's US Investment Strategy service’s yearlong recommendation to overweight equities was founded on its high-conviction view that investors were underestimating American consumers’ resources and resolve. The consensus pooh-poohed the mountain of…
Daily Insights
When (And How) To Say When

Inspired by a client’s questions, we examine the rationale behind the implementation of the trailing stop governing our near-term asset allocation recommendations.

US Investment Strategy by Doug Peta
Has The RMB Depreciation Run Its Course?

Although the RMB has cheapened, macro conditions are not yet favorable for the Chinese currency. We expect the RMB to decline by at least another 5% in the next six months. A weak currency and subdued economic growth lead us to maintain a cautious stance on Chinese equities.

China Investment Strategy by Arthur Budaghyan

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