Capital Daily Two questions (and answers) on today’s Asian market drama The yen surged today, and some Asian equity indices plunged, as investors worried about a “hard landing” in the US economy. We think there are two key questions to consider. 5th August 2024 · 5 mins read
Capital Daily We doubt the US economy will stall the equity rally for long Renewed fears of a US recession have increased the chances of additional rate cuts from the Fed. But we don’t think that the US economy will stand in the way of an equity rally for much longer. 2nd August 2024 · 5 mins read
Canada Economics Weekly GDP growth to disappoint the Bank The data this week suggested that second-quarter GDP growth was a touch stronger than expected at 2.1% annualised. We expect higher oil export capacity and strong immigration to prevent a sharp... 2nd August 2024 · 6 mins read
US Economics Weekly Labour market cracks raise risk of hard landing The sharp slowdown in payrolls in July and further rise in the unemployment rate cast doubt on the Fed’s argument mid-week that it is still too soon to loosen policy. We now expect 25 bp cuts at each... 2nd August 2024 · 6 mins read
FX Markets Chart Pack FX Markets Chart Pack (Jul. 2024) The US dollar has remained rangebound against most other major currencies in July, even as expected interest rates have fallen sharply in the US in the wake of softer inflation and employment data... 2nd August 2024 · 1 min read
Commodities Weekly Oil prices rise on Middle East conflict, cut down by US The oil market's fairly muted reaction to events in the Middle East this week only temporarily reversed the recent downward trend in oil prices. On the face of it, however, the risk of a spike in oil... 2nd August 2024 · 4 mins read
US Rapid Response Employment Report (Jul.) The sharp slowdown in payrolls in July and sharper rise in the unemployment rate makes a September interest rate cut inevitable and will increase speculation that the Fed will kick off its loosening... 2nd August 2024 · 3 mins read
Global Markets Focus The US election and financial markets three months out Financial markets have largely taken the dramatic events in the US presidential race over the past month in stride. While the race now appears to be back to a coin toss, the prospect of a second Trump... 1st August 2024 · 18 mins read
Capital Daily What’s next for markets as BoE cuts and Fed gets close Bond yields have fallen in the US and the UK after the Fed signalled an imminent rate cut and the Bank of England delivered one. But only in the UK do we see more room down for yields. 1st August 2024 · 4 mins read
US Rapid Response ISM Manufacturing Index (July 2024) The further decline in the ISM manufacturing index in July raises the risk that GDP growth will lose momentum in the third quarter, and the plunge in the employment index will add to concerns that the... 1st August 2024 · 2 mins read
US Economics Update Fed lays the groundwork for September rate cut There was no surprise rate cut from the Fed today, with the fed funds target range left unchanged at between 5.25% and 5.50%, but the changes in the accompanying statement – which included a shift... 31st July 2024 · 2 mins read
US Rapid Response Fed Policy Announcement (July) There was no surprise rate cut from the Fed today, with the fed funds target range left unchanged at between 5.25% and 5.50%, but the changes in the accompanying statement – which included a shift... 31st July 2024 · 2 mins read
Asset Allocation Chart Pack Asset Allocation Chart Pack (July 2024) We don’t think the recent rotation in US equities sets the stage for something much bigger. We expect the “big-tech” sectors to lead the charge again before long, helping equities in the US outperform... 31st July 2024 · 1 min read
Climate Economics Monthly Key highlights from July This Monthly looks at some of the key climate-related developments in July, including the latest climate policy changes made by the new UK government, the effect of overcapacity on Chinese solar... 31st July 2024 · 4 mins read
US Economics Focus Trumponomics: Rhetoric versus reality If implemented in full on day one, Donald Trump’s trade, immigration and fiscal policies would together be stagflationary. We suspect that he will be forced to water down his plans, however, and it... 31st July 2024 · 14 mins read
US Economics Update What to make of the rise in business bankruptcies? Business bankruptcies rose further in the first half of 2024, mainly due to higher Chapter 11 filings as firms were forced to restructure their debts. It is typically the change in borrowing costs... 31st July 2024 · 2 mins read
