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Developed Countries

German Investors Becoming Less Pessimistic
November’s reading of the ZEW Indicator of Economic Sentiment reveals that investors are becoming less pessimistic about the Eurozone economy. The expectations and current situation indices for Germany and the Euro Area jumped significantly above consensus…
Daily Insights
US Equities Are No Longer Oversold
The Fed’s aggressive hawkish pivot at the start of the year triggered a sharp selloff in US equities that pushed the S&P 500 deep in oversold territory. Just one month ago, our composite tactical technical indicator was signaling that the equity drawdown…
Daily Insights
Credit Card Payment Processors: Living On Borrowed Time
BCA Research’s US Equity Strategy service is overweight credit card companies, but only over a short investment horizon. All of the largest credit card processing companies, such as Visa, Mastercard, and American Express, have delivered strong Q3-22 sales…
Daily Insights
Eurozone IP Delivers Second Consecutive Positive Surprise
Euro Area industrial production expanded by 4.9% y/y in September, following an upwardly revised 2.8% y/y and beating expectations of a 3.0% y/y increase. Similarly, the 0.9% m/m increase also exceeded consensus estimates of 0.5% m/m. Higher production of…
Daily Insights
NY Fed Inflation Expectations Rebound
Results from the New York Fed’s October Survey of Consumer Expectations underscore that the Fed still has its work cut out for it. Household inflation expectations rebounded with median one-year-ahead expectations increasing from 5.4% to 5.9%,…
Daily Insights
Headwinds Abound For Europe
According to BCA Research’s European Investment Strategy service, although the decline in US CPI is a tailwind for European stocks, strong rallies are premature. Chinese growth shows no sign of improvement. Similarly, the collapse in the global PMI’s new…
Daily Insights
Will Americans Continue To Spend?

In this report we scrutinize the state of US consumer finances, which are a key driver of the Payment Processing Industry. We expect demand for services to pull back in the early 2023 on the back of still high inflation and tighter monetary policy. The payment processing companies thrive but live on borrowed time. We are overweight for now but monitor this position closely.

US Equity Strategy by Irene Tunkel
The Conflict: CPI vs Growth

The decline in the US CPI is a tailwind for European stocks, but does it compensate for weaker global growth?

European Investment Strategy by Mathieu Savary
It Is Time To Buy Dips In The Norwegian Krone

In this report, we identify the Norwegian krone as a currency that could outperform especially at the crosses, irrespective of the broad dollar trend.

Foreign Exchange Strategy by Chester Ntonifor
US Politics: Dead Even

Stocks will only get temporary relief from gridlock. Inflation will abate but then remain sticky. US and global policy uncertainty and geopolitical risk will remain historically high.

Geopolitical Strategy by Matt Gertken

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