US Commercial Property Update West Coast ports to rally while Houston stands resilient Failed dockworker union negotiations on the West Coast have led to further diversion of US imports toward the East and Gulf Coasts, supporting warehousing demand in those markets for longer than... 10th March 2023 · 3 mins read
Canada Economics Weekly Bank maintains high bar for future rate hikes Despite the renewed hawkishness of central bankers elsewhere, the speech that followed the Bank of Canada’s policy announcement this week suggests that the bar to resume rate hikes remains high. 10th March 2023 · 5 mins read
US Economics Weekly Financial risks could spoil Powell's hawkish plans Despite the strength of payrolls last month, the rest of February's labour market data was more mixed - with the unemployment rate rebounding and a smaller monthly gain in average hourly earnings. The... 10th March 2023 · 9 mins read
Canada Data Response Labour Force Survey (Feb.) Employment growth slowed sharply in February but the rise in hours worked suggests that the economy performed well last month. With the low unemployment rate putting upward pressure on wage growth... 10th March 2023 · 3 mins read
US Data Response US Employment Report (Feb.) The above-consensus 311,000 increase in payroll employment last month confirms that the super-sized 504,000 gain in January wasn’t just a seasonal distortion, but the rest of February’s report will... 10th March 2023 · 2 mins read
Global Markets Update Some lessons for equities from “stop-go” monetary policy The Fed is clearly trying to avoid a premature easing in financial conditions and a repeat of 1970s-style “stop-go” monetary policy. This Update discusses some lessons from that period for equity... 9th March 2023 · 5 mins read
Asset Allocation Update How King Cash may reign over equities & bonds The US may not have a monarchy, but cash has arguably become its proverbial king of investments. If history is a guide, it is a reign that is likely to feature equities underperforming bonds amid a... 9th March 2023 · 3 mins read
US Commercial Property Update Industrial completions set to fall back from 2024 We expect industrial completions to exceed 3.5% of inventory this year, despite the first quarterly drop in space under construction in Q4 for over two years. But new starts are already slowing and... 9th March 2023 · 3 mins read
US Economics Update JOLTS show drop back in both openings and quits The JOLTS survey showed a drop back in job openings in January, with the timelier job postings data from Indeed pointing to a more marked deterioration in labour market conditions in February. 8th March 2023 · 2 mins read
Capital Daily Risky assets largely shrugging off “higher for longer” Most “risky” assets have taken a knock in the past month. But this mainly seems to reflect an adjustment in valuations to higher “risk-free” rates, rather than growing concerns about tighter policy... 8th March 2023 · 7 mins read
Canada Economics Update Policy unchanged, but Bank prepared to resume hikes The Bank of Canada kept its policy rate unchanged at 4.5% today as expected but, with one eye on the strength of the recent US data and the Fed’s hawkish reaction to that, it sounded less confident... 8th March 2023 · 3 mins read
US Data Response International Trade (Jan.) The widening in the international trade deficit to $68.3bn in January, from $67.2bn, included big rebounds in both imports and exports which, at face value, add to the signs that demand is... 8th March 2023 · 3 mins read
Canada Data Response International Trade (Jan.) The strong gains in exports and imports in January suggest that easing supply shortages are offsetting the negative impact of higher interest rates on both external and domestic demand. That presents... 8th March 2023 · 3 mins read
