Financial Markets
In the final installment of their “PIGS Have Wings” special series, our European investment strategists took a deep dive into the Spanish economy and financial assets. Spain outperformed most developed markets since 2022, with strong gains in both…
The December Sentix Economic Index for the Euro Area missed expectations, declining to -17.5 vs. -12.8 in November. Both the current situation and expectations components declined. As the first sentiment indicator for December, the Sentix confirms…
November trading was centered around the US election and its aftermath. US assets led the way, with US equities significantly outperforming their global counterparts. The US dollar strengthened considerably against both DM and EM currencies. Investment-grade…
European monetary data printed in line with expectations in October, with M3 growing 3.4% y/y vs. 3.2% in September. Growth in private sector lending was unchanged at 1.2% y/y despite the recent easing in lending standards. We expect the credit impulse to…
Our Private Markets & Alternatives strategists have delved into the North American Buyouts market, concluding that the investment playbook needs rewriting. The performance of Middle Market Buyouts has been exceptional, leading many investors to stick…
Our Global Asset Allocation team analyzed the performance and allocation strategies of 79 US public pension funds, providing insights across governance, scale, and liquidity. Strategic Asset Allocation (SAA) is the most significant driver of fund…
East Asian exports reveal the global economy keeps decelerating. Singaporean non-oil domestic exports (NODX) missed expectations and decelerated in October, falling 7.4% m/m (-4.6% y/y). Electronics exports grew 2.6% y/y, slowing down from 4.0% in September.…
The crypto complex has rallied relentlessly since the election, with Bitcoin reaching an all-time high over $90,000. The rationale behind the recent rally is simple. President-elect Trump was friendly to crypto on the campaign trail. Furthermore, his victory…
The NFIB Small Business Optimism Index beat expectations in October, increasing to 93.7 from 91.5. Although improvements were broad-based, the increase was led by a brightened outlook. Given that the survey was conducted before the US election, uncertainty…
Amidst all the post-election noise, our US Investment Strategy colleagues took a step back and assessed where the US labor market stands. Despite the strong post-election equity rally, they maintain their recession outlook. Rising confidence could boost…