After a sharp five-year correction, China's top-tier housing markets will likely bottom out late next year. The rest of the country, however, will keep struggling with oversupply....
Given that the economy’s productive capacity is limited, government stimulus will lift nominal growth but do little to increase real output growth. The upshot will be rising inflation and wider twin deficits. This is bearish for the currency, bonds, and stocks....
Crude has led the latest rally, leaving refined product prices behind and crack spreads narrower. We explain why the spread compression is unlikely to continue and why product prices will follow crude....
The Total Portfolio Approach stumbles really on one thing: the team. Everyone says it, but nobody has prescribed the fix. We provide three logistical principles that close the gap. And they work for SAA investors too....
Brazil’s elections have turned into a game of roulette for investors. Bulls and bears were each wrong-footed between the first and second rounds of elections. We are downgrading Brazilian equities, local bonds, and sovereign credit to underweight within their respective EM portfolios....
Since ChatGPT’s launch in late 2022, multiple waves of AI innovation have driven markets and dominated the conversation across the investment community. Drawing on an extensive set of questions from BCA clients and strategists, our new report tackles the uncertainties that remain: What beyond custom...
In this screener report, we explore opportunities in high-quality Tech, European integration winners, and selective US cyclicals in Industrials and Materials....
Markets expect the BoC to hike by 100 bps over the next year; we do not. Housing and labor weakness argue for owning Canadian bonds now, while Carney’s reforms and a resource capex wave make the CAD and resource stocks multi-year winners....
