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Economy

China’s Credit Growth Slows in December
Chinese aggregate financing surprised to the downside in December, growing by CNY 1.31 trillion following CNY 1.99 trillion previously, and below expectations of CNY 1.85 trillion. In addition, M1 and M2 measures of money supply growth decelerated. However,…
Daily Insights
US Small Caps: Cheap But Exposed
The US NFIB Small Business Optimism Index’s continued deterioration underscores frail economic conditions in the US. In particular, December’s 2.1-point decrease reflects a decline in the share of business owners that expect an improvement in business…
Daily Insights
Will Economic Data Surprises Continue To Weigh On The Dollar?
After deteriorating sharply in the first half of last year, late-July marked a turning point in the global economic surprise index – calculated as the weighted average of Citigroup’s G10 and EM series. In particular, the G10 index started to recover and…
Daily Insights
India: Relative De-Rating Ahead
According to BCA Research’s Emerging Markets Strategy service, downshifting profit growth expectations and rising interest rates herald a meaningful derating of Indian equities in both absolute terms and relative to their EM peers. In terms of relative…
Daily Insights
Waiting For Employment To Crack

This week we present our Portfolio Allocation Summary for January 2023.

US Bond Strategy by Ryan Swift
US ISM Services PMI Contracts In December
The ISM Services PMI slid by 6.9 points to 49.6 in December, against expectations it would ease to 55.0, and marking the first contraction in service activity in 30 months. Outside of the pandemic-related slump, the December print marks the weakest reading…
Daily Insights
BRL Faces Political And Macro Headwinds
We recently highlighted that the Brazilian real was among the best performing major currencies in 2022 (second only to the dollar). However, the BRL’s relative strength has reversed in recent months and it has been among the major currencies that have…
Daily Insights
Eurozone Sentiment: On The Path To Recovery
Various measures have recently been pointing to an improvement in Euro Area sentiment. The Sentix overall index of investor confidence rose for the third consecutive month in January, climbing 3.5 points to -17.5 – its highest since June 2022. Notably, the…
Daily Insights
Structural Impediments To A Wage-Price Spiral (Digest Version)
Special Report

This digest version of our Special Report contains its conclusion along with a high-level review of how we reached it. It is structured identically to the full document, but with less than half the word count, so a reader can swiftly absorb the punch line while easily moving between the versions to zoom in on the details most relevant to his/her process.

US Investment Strategy, US Political Strategy by Doug Peta
Sector Chartbook

Today we are publishing a charts-only report focused on the key macroeconomic data as well as each GICS1 S&P 500 sector. Many of the charts are self-explanatory; to some we have added a short commentary. The charts cover macro, valuations, fundamentals, technicals, and the uses of cash. Our goal is to equip you with all the data you need to make investment decisions in these sectors.

US Equity Strategy by Irene Tunkel

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