Sorry, this report is not included in your subscription.
To access this report, please contact our client relations team on: Europe +44 (0) 20 7246 7808, Americas +1 212 367 7644, Asia +1 212 367 7644 or e-mail firstname.lastname@example.org.
Forgotten your username/password
If you wish to change your password you can alter your access details on the “My Settings” page, available inside the client area.
Access to the full report is restricted to clients.
For a free trial of our services, please click here.
Already a client? Please login at the top of this page.
• Bond yields remain stuck at pre-taper levels, despite Fed tightening
• This conundrum is more extreme than in 2004, affecting short rates too
• Neutral rates should rise gradually, but path for yields could...
The slowdown in US productivity, if sustained, has the potential to kill the Goldilocks environment of recent years. Either (i) inflation will rise (hurting bonds), (ii) profits will disappoint (hurting equities) or (iii) companies will cut...
• The BoJ will likely run out of JGBs to buy before inflation takes off
• Tapering would remove Kurodanomics from the yen’s valuation
• The authorities may instead choose to go for broke by buying forei...
• Soft labour market data confirm weak domestic momentum
• Fading economic tailwinds justify the RBA’s vigilance
• Competitiveness gains increasingly reliant on slowing wage growth
• USD still screens rich on REER-based signals; EUR, JPY, GBP are cheap
• Signals from productivity and external balances confirm this assessment
• Only rate differentials may continue to provide short-term USD support
• We believe Brexit most likely won’t happen; the true odds don’t favour it
• The Brexit risk premium has shrunk modestly but not totally disappeared
• We suggest buying GBP against EUR tactically, though o...
• The reporting season confirmed that all not is well with profits
• Earnings are falling in most markets and equities are not cheap
• But margins are holding up despite the drag of poor productivity
• The inflation out...
• The dollar influences financial conditions and budget constraints
• Dollar strength depresses domestic profit margins and global trade growth
• Dollar weakness helps global yield seeking and value stocks