Brazil: Beyond The Impeachment Process

Our Emerging Markets Strategy service argues that investors should avoid the temptation to buy Brazilian assets. Brazilian assets surged in the run-up to this past Sunday's vote in the lower house of congress to impeach President Dilma … [More.]

China: Fiscal Spending And Credit Impulses

In its latest Special Report, our Emerging Market Strategy service provided estimates for China’s fiscal boost this year. The 2016 budget was approved last month at National People's Congress. It has penciled in that central government s … [More.]

Overvalued And Overlevered

If we had conviction that the profit contraction was near a reversal, subdued economic activity would be less worrisome. But in this cycle, corporate balance sheets are stuffed with excess leverage, underscoring that the risk of hitting stall speed … [More.]

Escape From The Land Of The Rising Yen

Our Global Investment Strategy service published a report entitled “Escape From The Land Of The Rising Yen”, which discusses the following points: Hopes that Abenomics would lift Japan out of its deflationary quagmire are being crushed by the wei … [More.]

U.S. Equity Strategy: Cyclicals Versus Defensives

Renewed strength in the U.S. equity market sponsored by another round of global monetary easing has revived the debate about whether it is finally time to transition out of an alpha-generating U.S. defensive portfolio strategy. A number of … [More.]