Spain's equity and bond outperformance reflects genuine fundamental repair: Lower bad loans, stronger profitability, and sustained earnings upgrades. Valuations remain undemanding despite the rally. Productivity is the key structural risk, but near-term fundamentals continue to surprise to the upsid...
After 250 years, the USA is still the biggest thing happening in the world. But it faces huge challenges in the coming decades from socioeconomic imbalances and strategic competition....
The year 2026 has started off well, with not even the threat to central bank independence denting the market's enthusiasm. Perhaps our tactical caution is misplaced....
Our Q1 outlook maps global growth, curve dynamics, and policy surprises, which we then translate to our recommended global fixed income portfolio allocations and trades....
Venezuelan crude output is unlikely to alter the global oil market outlook for this year. However, US control of Venezuelan crude is a risk to Canadian oil sands producers and Canadian oil prices. Go long US oil refiners/short Canadian oil producers....
To start 2026, we answer what we believe are the most important questions facing investors surrounding the labor market, monetary and fiscal policy, and AI stocks. Overall, we reiterate our overweight views on risk assets and highlight the risks surrounding the upcoming tariff decision....
