Equities
According to BCA Research's European Investment Strategy service, given the defensive nature of Portuguese equities and the team's recession view, investors should favor the Portuguese bourse relative to Euro Area equities. The Portuguese equity market is…
Chinese industrial profits for October delivered a pessimistic signal on Monday as the annual growth rate eased to 2.7% y/y. While the latest update marks the third consecutive month of profit growth, it is a sharp slowdown from 17.2% y/y and 11.9% y/y in…
While the S&P 500 has rallied by 18.8% so far this year, not all sectors and industries have gained on a year-to-date basis. Nearly half of the 11 sectors are in the red. This list, which is made up of Utilities (-11.7%), Consumer Staples (-4.6%), Energy…
After a sharp rally since late-October, the S&P 500 is now on the verge of breaking above its late July year-to-date high and completely erasing the losses incurred over the prior three months. Investor sentiment has also rebounded sharply and is once…
Today, we are sending you the BCA annual outlook for 2024. The report is an edited transcript of our recent conversation with Mr. X and his daughter, Ms. X, who are long-time BCA clients with whom we discuss the economic and financial market outlook for the next twelve months toward the end of each year.
A series of notable events took place over the Thanksgiving holiday but none of them force us to change our fundamental assessments. The conflict in the Middle East is likely to escalate rather than de-escalate, while the Taiwan Strait has at least a 50/50 chance of seeing tensions escalate next year.
The first stop of the EIS Special Series: PIGS Have Wings takes us to Portugal.
The Q3 earnings season is coming to an end. By Friday, 481 companies in the S&P 500 index had reported earnings. In aggregate, the results are generally favorable. The share of companies whose earnings exceeded analyst expectations (81.9%) is above the…
According to BCA Research's Emerging Markets Strategy service, investors should focus on fluctuations in final demand rather than inventories. A common narrative endorsed by many market participants is that inventory restocking worldwide will support the…
European flash PMI estimates for November sent a slightly less pessimistic signal on Thursday. The Eurozone composite PMI climbed by 0.6 points to 47.1, beating expectations of a more muted increase to 46.8. Notably, both the manufacturing and services…