Asset Allocation Chart Pack Asset Allocation Chart Pack (Apr. 2024) Most assets struggled this month amid concerns that resilient core inflation, particularly in the US, may delay central bank easing cycles. But we continue to think that central banks will cut... 30th April 2024 · 1 min read
US Housing Market Rapid Response US Case-Shiller/FHFA House Prices (Feb. 2024) The substantial shortage of existing homes for sale fueled a robust 0.4% m/m rise in house prices in February, consistent with our above-consensus call that house price growth will end 2024 at 5% y/y. 30th April 2024 · 2 mins read
US Rapid Response Employment Cost Index (Q1) The persistence of wage growth is another reason for the Fed to take its time on rate cuts. According to the first-quarter employment cost index, civilian wages increased at a 1.1% non-annualised pace... 30th April 2024 · 2 mins read
Emerging Markets Economics Focus What Trump’s return would mean for EMs All the signs suggest that a second Trump administration would take a more protectionist approach to trade. Export demand in Mexico, East Asia and ASEAN would be particularly hard hit by a universal... 29th April 2024 · 13 mins read
US Economics Update Trump, the Fed, and the dollar Most of the major policy initiatives being suggested by Donald Trump’s campaign would be inflationary; whether it’s narrowing the trade deficit via tariffs or a dollar devaluation, curbing immigration... 29th April 2024 · 5 mins read
US Commercial Property Update Share of remote work key to global office performance The wide divergence in global office market performance to-date has been driven by significant differences in the return to office and the impact that has had on occupiers’ leasing decisions. US... 29th April 2024 · 5 mins read
Event EM Drop-In: What Trump’s return would mean for emerging markets 1715868000 A second Trump presidency would almost certainly lead to a protectionist lurch from the US, with profound implications for the emerging world.
US Commercial Property Update NCREIF Q1 NPI shows more pain to come While the headline of the Q1 NCREIF NPI data (-0.9% q/q total return) suggests we could be near the end of the price falls, we think this simply stored up bigger falls for the rest of the year. The... 26th April 2024 · 3 mins read
Capital Daily Higher yields no insurmountable obstacle for the NASDAQ The NASDAQ 100 has shrugged off this week’s surge in real US Treasury yields amid a mixed bag of earnings reports from some of the ‘Magnificent 7’. (See Chart 1.) This suggests to us that the earlier... 26th April 2024 · 5 mins read
US Economics Weekly Have soft landing hopes been dashed? The slowdown in first-quarter GDP growth to 1.6% annualised, from 3.4%, was more marked than expected, but it was principally due to a bigger drag from the net exports and inventories categories. With... 26th April 2024 · 7 mins read
US Rapid Response Income & Spending (Mar.) The slightly bigger-than-expected 3.7% annualised first-quarter gain in the core PCE deflator was principally because January’s gain was revised up to 0.50% from 0.45%. Nevertheless, the 0.32%... 26th April 2024 · 1 min read
Asset Allocation Update We expect the stock market AI bubble to reinflate We think the recent recovery in the share prices of some of the ‘Magnificent 7’ is a sign that the earlier pull-back in their collective performance wasn’t a harbinger of a far bigger correction in... 26th April 2024 · 5 mins read
US Commercial Property Update Q1 RICS survey highlights diverging market views While overall surveyor sentiment remains negative, the Q1 RICS survey appeared to show a divergence in views between respondents of where in the cycle the market currently is. We think the apparent... 26th April 2024 · 3 mins read
Capital Daily Are Fed hikes coming? Hikes are back on the agenda at some central banks and core PCE data for Q1 added to the hawkish mood in US markets. But we don’t think the Fed will feel the need to start hiking again. Indeed, given... 25th April 2024 · 5 mins read
US Employment Report Preview Employment growth to slow The fading of weather-related support and broader evidence of easing labour demand lead us to expect a smaller 200,000 rise in non-farm payrolls in April. We expect the unemployment rate to be... 25th April 2024 · 3 mins read
