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Developed Countries

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Sector Positioning Scorecard

We created a sector selection scorecard based on performance of sectors under various macroeconomic regimes while taking into consideration revisions to expected earnings growth and valuations in a historical context. Our total sector selection scorecard suggests overweighting defensives such as Utilities, and Consumer Staples, and underweighting cyclicals such as Consumer Discretionary, Industrials, and Financials. Considering this analysis, we have adjusted our sector positioning accordingly.

US Equity Strategy by Irene Tunkel
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Germany’s Travails Continue

The German economy has lagged that of Europe. This trend will continue, but does it mean German equities will underperform further?

European Investment Strategy by Mathieu Savary
Canadian Labor Force Survey Delivers A Positive Surprise
The latest Canadian data suggest that although demand is cooling down, the Canadian economy is not in freefall. The unemployment rate fell for the first time since December 2022, declining by 0.1 percentage points to 5.7%, compared to consensus…
Daily Insights
The US Is Driving The Global Trade Recovery
Over the past few months we have been highlighting that there are some budding signs of a recovery in global manufacturing activity. Most notably, the new orders-to-inventories ratio of Sweden’s manufacturing PMI has been rebounding. To the extent that Sweden…
Daily Insights
Can The US Dollar Rally When The Fed Cuts Rates?
Our Emerging Markets team believes that the risk-reward profile of the US dollar remains very attractive. First, if US growth stays robust, US interest rate expectations will rise because rate cuts priced in will not be realized. Rising interest rates will…
Daily Insights
US Recession: Delayed But Not Denied
BCA Research’s Global Investment Strategy service’s revised forecast is centered on a recession starting in late 2024 or early 2025. The strong pace of US growth has continued into early 2024. Preliminary estimates from the Atlanta Fed’s GDPNow model…
Daily Insights
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Month-In-Review: US Economic Dominance And The Dollar, What Next?

This week’s report explores factors behind the recent rise in the dollar, and whether this could continue in the next month.

Foreign Exchange Strategy by Chester Ntonifor
A Benign Quest For Efficiency?
Last Friday’s blockbuster US employment report is among the recent data releases that have focused investors’ attention on the possibility that resilient economic conditions will reduce the magnitude of Fed easing this year. Markets are now priced for roughly…
Daily Insights
A K-Shaped Market
The dominance of large tech companies in the S&P 500 has caused concern amongst investors. The Magnificent Seven now represent 30% of the index. These companies have more than doubled in value over the past year, in contrast to just over 10% for the rest…
Daily Insights
Some US Housing Indicators Are Recovering
According to the latest MBA weekly survey, mortgage applications increased 3.7% in the week ending February 2. The contents of the report were mixed. A 12.3% jump in the refinance index drove the increase while mortgage applications to purchase a home fell by…
Daily Insights

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