Latest from BCA Research

Special Report

Our recommendations for podcasts (on macro and markets, as well as non-work-related topics) to try over the holidays.

Special Report

Following the release of the Bank Credit Analyst’s annual outlook, we unveil our key views for 2023. The investment strategy takeaway is that we want to lean into risk in the early part of the year but reduce exposure to it in the second half.

Special Report

We explore the eight major themes that will define economic and market trends for Europe next year.

Today we are publishing a charts-only report focused on the S&P 500, Cyclicals/Defensives, Growth/Value, and Small/Large equity styles. Many of the charts are self-explanatory; to some we have added a short commentary. The charts cover macro, valuations, fundamentals, technicals, and the uses of cash. Our goal is to equip you with all the data you need to make investment decisions along these style dimensions.

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey, and emerging Europe. Stick with aerospace/defense stocks.

Special Report

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey, and emerging Europe. Stick with aerospace/defense stocks.

Special Report

In this report, we argue that the dollar will enter a volatile trading range, before a bear market begins in earnest. That said, fundamental forces are aligning for US dollar downside.

Special Report

In this report, we discuss our most important investment themes for global fixed income markets in 2023, and present our main investment recommendations based on those themes. Our broad conclusion: an environment of slowing global inflation, much weaker global growth and less hawkish central banks will be positive for global government bond returns, but problematic for growth-focused spread products like corporate bonds.

In this Strategy Outlook, we present the major investment themes and views we see playing out next year and beyond.

We expect a bullish gold environment in 2023, conditional on a more dovish Fed. We are hesitant to go strategically long gold, since our view hinges on one variable: US monetary policy. We remain tactically bullish gold to take advantage of the reduced pace of US rate hikes.