United States
Job openings beat expectations in October, increasing to 7.74m from 7.44m in September. The details of the JOLTS report were mixed, however. Hires ticked down, driven by interest rate-sensitive sectors. Outside of hires, the rest of the report had a more…
Investors have given up on European assets, which now suffer exceptional discounts to US ones. However, tighter US fiscal policy, the end of Europe’s austerity and deleveraging, the LNG Tsunami about to hit European shores, and the global capex fueled by the Impossible Geopolitical Trinity mean that Europe’s time to shine will soon come back.
Investors have given up on European assets, which now suffer exceptional discounts to US ones. However, tighter US fiscal policy, the end of Europe’s austerity and deleveraging, the LNG Tsunami about to hit European shores, and the global capex fueled by the Impossible Geopolitical Trinity mean that Europe’s time to shine will soon come back.
As 2024 closes out a busy electoral calendar for North America, our Geopolitical strategists look at Canada, where an election will be held by October 2025. Canada is poised for a likely change in leadership next year. The next government will…
November trading was centered around the US election and its aftermath. US assets led the way, with US equities significantly outperforming their global counterparts. The US dollar strengthened considerably against both DM and EM currencies. Investment-grade…
The November ISM Manufacturing index beat expectations, increasing to 48.4 from 46.5 in October. The improvement was partly driven by the new orders component, which increased to 50.4 from 47.1. Price pressures moderated. The underlying details of…
Our Commodity & Energy Strategy team evaluated the impact of president-elect Trump’s policies on commodity markets. Trump’s energy policies, while promoting increased domestic oil production, are unlikely to drive immediate growth in US crude output.…
European monetary data printed in line with expectations in October, with M3 growing 3.4% y/y vs. 3.2% in September. Growth in private sector lending was unchanged at 1.2% y/y despite the recent easing in lending standards. We expect the credit impulse to…
The Fed’s preferred measure of inflation, core PCE, met expectations of 0.3% m/m in October, and accelerated to 2.8% y/y from 2.7% in September. Inflation rose on the back of hot inputs from the PPI report, which is not expected to last. The market-based core…
President-elect Trump jolted markets Monday night by declaring that tariffs will be implemented on imports from Mexico, Canada, and China. The US dollar strengthened while stocks fell, as did Treasury yields. Equities, however, recovered on Tuesday, as a…