The US debt spiral Many months ago we highlighted the risks of a public debt spiral in countries like the US, France or Italy following years of budgetary imbalances, counter-cyclical…
Exceptional turning point for equity markets … We have always argued that September would see a sharp decline in global equity markets and we are reaching that stage this very…
America Self-Defeating Policies Are Endangering Its Leadership In 2015, only 8 years ago, the world was a completely different place. The world had not experienced COVID yet, interest rates and…
Is the banking system at risk ? As early as November 2022 we highlighted the risks induced by rising rates and rising bond yields for the global real estate markets…
Sentiment, Flows of Funds and Valuations Drive Equity Markets Equity markets play a central role in any free-market economy. They are the place where corporations raise capital and where savings…
Bond Yields Breaking Out to 5 % Mean Significant Downside Risk for Equities Exactly a year ago, the August 2022 Central Bakers Annual Symposium in Jackson Hole marked the acceptance…
China Blues ? China slid into deflation in July, and is battling slowing exports, high youth unemployment and a slumping property market highlighted by a debt crisis for Country Garden…
Equities Have Peaked, Time to Watch Bonds It has been our strategic roadmap all along that Western equity markets has started a secular bear market in January 2022 and we…
Goldilocks ! Should Equity Investors Rejoice ? Strong Growth and declining inflation ! What more could investors expect for the US economy ?Indeed the US economic data of the second…
Weekly Market Review 16 July 2023 Macro Highlights US Inflation Rate Falls More than ExpectedThe annual inflation rate in the US slowed to 3% in June of 2023, the lowest…