When To Favor U.S. Cyclical Equities?

Our U.S. equity strategists are monitoring a number of key signposts that would help signal when the tide would turn sustainably in favor of cyclical sectors: Broad-based and sustained U.S. dollar weakness, particularly against a basket of EM … [More.]

A Trump Victory Would Be Bullish For The Dollar

The latest Global Investment Strategy Weekly Report entitled “A Trump Victory Would Be Bullish For The Dollar” challenges the notion that a Trump win would be bad news for the dollar. All three of Trump's signature policy proposals - increased def … [More.]

The ECB Is Done For Now

The ECB will remain on the sidelines for the foreseeable future as the eurozone’s economic recovery continues and inflation accelerates. The eurozone is experiencing moderately above-trend GDP growth and headline inflation has most likely b … [More.]

Is The Global Reflation Trade Out of Steam?

The confluence of a more dovish Fed since mid-February and evidence that China’s policy stimulus is stabilizing growth there has been instrumental in lifting risk assets over the last quarters. Two macro dynamics are critical to the outlook for the l … [More.]

U.S. Equities: A Growth Scare Ahead?

An economic growth reacceleration is vital to sustaining the U.S. equity rally and P/E expansion from the February lows. So far, no such confirmation has materialized. Instead, the U.S. appears to be edging closer to a growth scare according to our … [More.]