Developed Countries
The Trump administration launched its biggest trade action on Tuesday, levying 25% tariffs on Canadian and Mexican goods, and an additional 10% to current tariffs on Chinese imports. Given its crucial role in US supply chains, Canadian energy only sees a 10%…
Leading US growth indicators have slowed, with economic surprises now in negative territory. However, Monday’s ISM Manufacturing showed that while activity is slowing due to tariffs uncertainty, supply-side price pressures are increasing. Our Price…
Our European strategists see Europe escaping its liquidity trap, which will create a structural tailwind for European assets. Europe’s resilience amid global shocks is supported by a shift away from precautionary money demand, signaling increased…
Our Geopolitical strategists received a lot of client questions following rapid US political developments, and addressed them in their latest report. US policy uncertainty is spiking, driving global uncertainty higher. Tariff implementation in March and…
February flash inflation for the Eurozone was slightly hotter than expected but nonetheless declined, with both headline and core inflation falling 0.1% to 2.4% y/y and 2.6%, respectively. Services inflation also declined to 3.7% from 3.9%. While Europe…
The February ISM Manufacturing index was weaker than expected, declining to 50.3 from 50.9. New orders plunged to 48.6 from 55.1, with employment also contracting. Price pressures however increased. Prices paid and suppliers’ delivery times jumped to their…
Europe’s resilience to global liquidity deterioration isn’t a fluke—it signals a structural shift. Our latest report explains why the decline in precautionary money demand marks the end of Europe’s liquidity trap and what it means for investors.
Our Bank Credit Analyst strategists published their latest monthly report, and Section II aims to assess whether AI is leading to a productivity increase. Our colleagues remain unconvinced that Generative AI is a true productivity revolution, though it…
Our Chart Of The Week comes from Juan Correa, from our Global Asset Allocation (GAA) strategy service. Juan highlights weakening US growth observed in the data lately. We have seen a few growth slowdown episodes since 2022. Why is this time…
The February Tokyo CPI print came in slightly cooler than expected. Headline inflation moderated to 2.9% y/y from 3.4%, while “core core” was steady at 1.9%. The Tokyo CPI gives an advance reading on national price pressures, and the data suggests…