Developed Countries
Over the past few months, Canadian employment gains have been a source of positive surprise. January’s 150k increase (10 times higher than expectations) is just the latest in a series of strong beats. Although the initial massive October (108k) and December…
The reported 517k surge in nonfarm payrolls in January has caused some market commentators to question the accuracy of this figure. The decline in the surveys’ response rate is among the factors being raised – alongside seasonal adjustments and new population…
Data released on Monday shows Swiss inflation reaccelerated and came in above consensus estimates in January. Headline CPI inflation rose from 2.8% y/y to 3.3% y/y, exceeding expectations of 3.1% y/y. Notably core CPI inflation broke above the Swiss National…
Australian material stocks have been outperforming the overall Aussie equity market since the beginning of November, climbing 29% over this period. Unsurprisingly, these gains coincide with the latest rally in industrial metal prices. These trends reflect…
The interest spread between 2-year and 10-year Tresaurys widened on Monday ahead of the January CPI release, nearing last Thursday’s multi-decade extreme. This latest bout of curve flattening follows the February 3 US jobs report showing nonfarm payrolls…
US-China relations hit another rocky patch this month following a series of incidents involving spy balloons and other mysterious aircraft. The US shot down flying objects that entered US and Canadian air space on February 4, 10, 11, and 12. Much remains…
According to BCA Research’s US Equity Strategy service, there will be a better entry point into overweighting the US Technology sector. Macroeconomic and business conditions are gradually becoming more favorable for Tech as the bottoming of demand is in…
We discuss the outlook for the Fed’s balance sheet and why QT is likely to continue for at least another year.
Macroeconomic and business conditions are gradually becoming more favorable for Tech as the bottoming of demand is in sight. Yet, we don’t believe that now is an attractive entry point - the good news is fully priced in, and technicals signal a pullback. However, the sector is worth monitoring as we are getting closer to a sustainable rebound. Our positioning remains unchanged.
Our Central Bank Monitors support the recent shift in tone from central bankers in Europe. Find out what it means for European fixed-income portfolio allocation.