U.S. Equity Prices: Rout Over?

U.S. equity prices have stopped falling over the next last couple of days, but global growth headwinds will constrain the profit outlook. We retain our cautious bias. The recent drop in equity prices was sparked by weaker than expected growth … [More.]

(Part I) EM Credit Spreads: Unsustainable Divergence

EM sovereign and corporate credit markets have so far defied the selloff in EM equities and foreign exchange markets, but the odds of material spread widening are considerable. As G7 central banks have crowded out global fixed-income investors … [More.]

Global De-Sync Continues

The divergence between U.S. and European data continues. The ZEW survey of German investor sentiment hit a major snag in October, sinking into negative territory for the first time in almost two years. Investor confidence has clearly been … [More.]

FOMC: Dots At A Turning Point?

The surge in the dollar has made clear that the U.S. economy will not be spared the deflationary pressures emanating from outside the country. The Minutes from the September FOMC meeting revealed that policymakers recognize the threat to growth, and … [More.]


In a multipolar world countries will have to navigate multiple relationships, some will be difficult to classify as either alliances or rivalries. I am not entirely sure as to the origin of the term ‘frenemy’ – the wikipedia entry for the word sugg … [More.]