The messages from the deteriorating fundamental backdrop (tight monetary policy, slowing global growth) and improved credit valuation (elevated 12-month breakeven spreads) are giving conflicting signals on corporate bond strategy. We are putting more weight on the fundamentals and are staying with a...
The conditions for a sustainable rally in Chinese stocks have not been met. In this report we discuss the four signposts which we will closely monitor to gauge when it will be warranted to upgrade our stance on Chinese equities both in absolute terms and relative to the global stock benchmark....
UAE markets are a simultaneous play on interest rates, crude prices, and global trade. None of them is presently favorable, with rising interest rates being the main threat to the UAE economy and stock market....
Unlike in the past, Saudi Arabia is currently pursuing a counter-cyclical policy. This is the right policy and could lead to a re-rating of this bourse in the long run. In the short term however, rising interest rates, tight fiscal policy and lower oil prices will lead to growth deceleration and wei...
Global oil supply will slightly exceed demand in the next six months, resulting in a small surplus. Brent oil prices will trade in a range with a floor at $80 per barrel, barring any geopolitical turmoil in the Middle East and/or escalation in the West-Russia conflict....
In this report we scrutinize the state of US consumer finances, which are a key driver of the Payment Processing Industry. We expect demand for services to pull back in the early 2023 on the back of still high inflation and tighter monetary policy. The payment processing companies thrive but live on...
In this report, we identify the Norwegian krone as a currency that could outperform especially at the crosses, irrespective of the broad dollar trend....
Stocks will only get temporary relief from gridlock. Inflation will abate but then remain sticky. US and global policy uncertainty and geopolitical risk will remain historically high....
Stocks will only get temporary relief from gridlock. Inflation will abate but then remain sticky. US and global policy uncertainty and geopolitical risk will remain historically high....
