U.S. Equity Valuations: To Be Dismissed?

History shows that valuations don’t matter until they do. The challenge is gauging what will cause investors to balk at current multiples, which have vaulted to elevated levels. Monetary policy uncertainty is a potential candidate: reduced d … [More.]

China’s Commodity Trade Data: Interpretation And Implications

China dominates numerous commodity markets globally – from iron ore and steel to base metals and agricultural markets. In a recent publication our commodities team took a deep dive into China’s trade data to better understand China’s role in these mar … [More.]

QEs And EM: A Love-Hate Story

Has quantitative easing (QE) among developed nations’ central banks benefited emerging markets (EM)? While it seems very intuitive to answer “yes,” our EM strategists believe the interaction between G7 QEs and EM financial markets and economies has be … [More.]

Dollar, Oil And U.S. Investment Strategy

Currency and commodity markets are having overdue technical countertrend moves after moving a long way in a short period of time. “One-way bets” are over. Price moves in the other direction will be violent given the crowded nature of these trades, but … [More.]

JAPAN: Structural Reforms In Focus

Wondering about the status of the third arrow – structural reform – of Abenomics? Today, we are pleased to offer an update on what the next eighteen months could bring in Japan. By obtaining an electoral mandate from voters, PM Shinzo Abe, wil … [More.]