Global Strategy
Will the Stars Finally Align for Japanese Stocks?
Bank of Japan Governor Haruhiko Kuroda has finally departed from office after ten years of pursuing extreme monetary easing. Former…
Canary, Meet Leveraged Loans
It remains remarkable how little US corporate bond spreads have risen so far in this monetary tightening cycle despite 475bp…
Gold is Back, Next Stop $6,000?
The price of gold bullion has bounced back in recent days amidst Silicon Valley Bank-related bank concerns in the US…
As Global Trade Fractures, Inflation will Rise
It has, of late, become increasingly relevant to talk less about the retreat from globalization and more about the increasing…
Is a Consumer Revolt at Hand?
A counterintuitive development in recent months, in the context of recession concerns in America, has been the pickup in American…
The Consumer is Almost Tapped Out, What Comes Next?
This year began with growing optimism that emerging markets can decouple in a year which may bring a US recession.…
Beware The Passive ETF Unwind
China’s abrupt but welcome Covid U-turn creates the best chance in many years for Asia and emerging market equities to…
The Yen Rally is Running on Borrowed Time
The interesting point about Bank of Japan governor Haruhiko Kuroda’s adjustment of yield curve control just before Christmas, jolting traders…
Why Inflation Could Overshoot to the Downside in 2023
The chart below highlights why investors have growing confidence that US inflation has peaked, which is also why monetary tightening…
Why 2% Inflation is Right Around the Corner
China has gone from closet Covid easing over the Christmas holiday to a full-scale U-turn and is now essentially pursuing…