Global semiconductor demand will continue contracting, even though the pace of decline will moderate in 2023H2. While demand has increased briskly for Artificial Intelligence-type semiconductors, this will not be enough to lift aggregate global chip sales out of contraction. While momentum could pus...
In this <i>Insight</i>, we answer a few crucial questions: Do the BoC and RBA decisions have any impact on what we can expect from other major central banks next week? Are there any profitable trades that can be put on, given the recent hawkish shift by these two central banks? How should global bon...
In this <i>Insight</i>, we answer a few crucial questions: Do the BoC and RBA decisions have any impact on what we can expect from other major central banks next week? Are there any profitable trades that can be put on, given the recent hawkish shift by these two central banks? How should global bon...
A benign disinflation will support equities over the next few quarters. Stocks will fall next year as a recession begins when investors least expect it....
Slowing manufacturing PMI indices globally indicate the slowdown in economic activity will persist. Manufacturing demand for commodities will also soften, weighing on industrial commodity prices. Geopolitical tensions and the race to the green energy transition will upend enmeshed global supply chai...
What’s going on? The market-weighted stock market is up. But the equally-weighted stock market is not up. Neither is credit. Neither are industrial metal prices. Neither is the oil price, despite two waves of OPEC output cuts. We explain the dichotomy. Plus: European basic resources stocks can rebou...
Chile’s equity market is set to sustainably outperform its EM peers on the back of political and macroeconomic tailwinds. The new moderate constitution and pragmatic government will boost market sentiment. A continued economic contraction and tumbling inflation will allow the central bank to initiat...
The BCA Score continues to perform well our Small-to-Mid cap strategy, but missed out in the large cap universe since our factor tilts do not favor the large cap names driving the market. Overall, the BCA Score L/S was held back by a resurgence in upside volatility and a reversal in momentum, but is...
