We believe the PBoC’s recent policy stimulus might bolster investor confidence, potentially stabilize onshore Chinese equity prices, and provide modest support to offshore stocks. However, they are unlikely to significantly boost economic growth in the mainland....
The S&P Global flash PMIs released yesterday showed that the contraction in manufacturing activity accelerated on both sides of the Atlantic in September. The forward-looking new orders component fell to a 9-month low of 42.3 in the euro area and a 21-month low of 42.7 in the US....
The September Euro Area Flash PMI release confirms that the region's economic outlook is deteriorating. Manufacturing activity is now fully contracting, and the new orders-to-inventory ratio is deteriorating anew. Services activity is losing some of its shine, especially in France, now that the Olym...
The Central Bank of Brazil (BCB) raised interest rates last week. Is this the commencement of a major tightening cycle that will persist well into next year? Despite this move, we maintain that the BCB will cut interest rates substantially next year. We believe the Lula-nominated board members are p...
In this report, we follow up on the Roundtable that we hosted on September 11. We summarize the results of the client polls and answer a few questions on top of investors’ minds....
The Draghi report highlights sensible reforms that would address many of Europe’s productivity shortcomings. Whether European capitals heed Mario Draghi’s advices remains to be seen....
Unlike public markets, performance in private markets is complex and multifaceted. In this report we present multiple metrics across time and sources, offering investors a comprehensive range of benchmarks to assess their relative performance. Differences across sources will surprise....
In this report, we argue that the Bank of Japan is unlikely to hike interest rates this week, but the relative trajectory of bond yields in Japan is higher. This warrants an underweight position in JGBs and a leveraged bet on a higher yen. The positioning for equity investors is murkier, as progress...
