S&P 500: Too Soon For A Top

A potent mix of super easy monetary policy and strengthening non-inflationary economic growth is extending the equity market sweet spot. A more robust pace of business activity will boost revenue growth and support a modest U.S. profit … [More.]

U.S. Payrolls: The December Thud

The December payroll number (74,000) was such a disappointment, it seems incredible. The vast majority of December economic data points suggested that the pace of economic growth is accelerating, and that the job outlook is improving. Indeed, … [More.]

Is Bond Valuation Stretched?

While the economic data remain bond-bearish, the jump in global yields over the past month raises the question of whether the bear market has moved ahead of itself. The weighted average of 10-year bond yields in the major developed markets has … [More.]

Outlook For Canada And Australia

It is widely known that both Canada and Australia avoided the banking/housing meltdown and their fiscal position is much better than in most other developed economies. However, there are no grounds for complacency in either case. In both … [More.]

Better Global Economic Momentum

The global economy is heading into the New Year with improved momentum, based largely on business spending and manufacturing. Earlier this year business confidence in the major countries had risen above the boom/bust line for the first time … [More.]