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United States

Will US Homebuilder Stocks Continue Outperforming?
Recent data releases have painted a mixed picture of US housing market dynamics. On the one hand, housing starts and building permits unexpectedly increased on a month-on-month basis in October. After falling in 2022, housing starts have somewhat…
Daily Insights
A Lasting Improvement In Global Sentiment?
Global market sentiment has improved notably since late-October. In the equity space, DM and EM stocks have gained 8.5% and 7.8% respectively since October 26. Regarding currencies, the counter-cyclical DXY index has lost 2.2% so far in November. And as we…
Daily Insights
Maintain A Neutral Allocation To TIPS For Now
BCA Research's US Bond Strategy service continues to recommend a neutral allocation to TIPS for now, but with a bias to turn underweight. The team calculates a forecasted range for headline CPI inflation of 0.9% to 2.9% over the next 12 months. For core…
Daily Insights
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Watch Taiwan, Not US-China, For Détente

Investors should not get their hopes up about the Biden-Xi summit. Wait to see if a new ruling party is elected in Taiwan before downgrading geopolitical risk in the Taiwan Strait. US-China strategic détente is possible but neither the geopolitics nor the macro backdrop warrant a risk-on position next year.

Geopolitical Strategy, Global Investment Strategy by Matt Gertken
US Continuing Claims Climb To Nearly 2-Year High
US jobless claims have been trending higher in recent weeks, confirming that labor market conditions are deteriorating. Initial claims came in slightly above consensus estimates on Thursday, increasing by 231 thousand versus expectations of a 220 thousand…
Daily Insights
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2024 Brent Forecast Down A Tad To $112/bbl

US and Chinese oil-demand strength will offset EU weakness next year. Incremental supply growth from non-OPEC 2.0 producers, coupled with a lower risk of the US enforcing its sanctions on Iranian oil exports, reduces our 2024 Brent price forecast by $6/bbl, and takes it to $112/bbl.

Commodity & Energy Strategy by Ashwin Shyam
US Retail Sales Contract In October
The US retail sales release delivered a mixed signal about US consumption. Although the headline figure contracted by 0.1% m/m in October, it was better than expectations of a 0.3% m/m decline. Moreover, the September increase was revised up from 0.7% m/m to…
Daily Insights
Empire State Manufacturing Survey: Fade The Rebound
The New York Fed's Empire Manufacturing Index unexpectedly returned to positive territory in November, climbing 14 points to its highest level since April. The headline index suggests that manufacturing activity is expanding in New York State – a positive…
Daily Insights
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A Plausible Path Back To 2% Inflation: Revisiting Our TIPS Golden Rule

This week’s Special report revisits our TIPS Golden Rule. We provide a 12-month inflation forecast and discuss how it impacts our TIPS view.

US Bond Strategy by Robert Timper
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The ‘Hidden’ World Recession Of 2022 And Why It Matters Today

The latest ‘nowcast’ for world economic growth in the fourth quarter has plunged to just 1.2 percent, marking the cusp of another world recession. One important implication is that expectations for oil demand growth and industrial metal demand growth are way too optimistic.

Counterpoint by Dhaval Joshi

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