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Equities – A Weaker Dollar Will Eventually Favor Unhedged Non-U.S. Equities – April 30, 2021
Equities · 

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Weekly Macro Strategy – Bumps, But No Derailing – April 23, 2021
 · Weekly Macro Strategy · 

Global economic prospects are steadily improving, although investors should expect periodic minor setbacks until the pandemic truly recedes.

Global Foreign Exchange – How Long Will U.S. Dollar Resilience Last? – March 30, 2021
 · Foreign Exchange · 

The short-term outlook for the U.S. dollar remains mildly positive on the back of stronger relative growth (boosted by massive fiscal spending) and still oversold conditions (except versus the euro).

Regional Equities – The Window For Regional Rotation Opens Wider – March 25, 2021
 · Equities · 

The massive U.S. fiscal stimulus will provide a major boost to the global economy and corporate earnings in markets and sectors highly geared to global trade.

Webcast – The Rebirth Of The Bond Vigilante – (10min:49sec) – March 17, 2021
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, Phillip Colmar discusses the recent sharp selloff in government bonds and the ramifications for investment strategy.

Absolute Return Strategy – Is Good News Now Bad? – March 4, 2021
Absolute Return ·  · 

One of the leading threats we identified for financial markets in 2021 is now occurring, namely that bond yields rise too fast.

Equities – Canada: Earnings Beta Still Tied To Resources – February 24, 2021
 · Equities · 

Canadian stocks will benefit from an improving domestic and global economy over the next 6-12 months, but we expect them to continue to underperform their global peers during the period.

Policy – Another Year Of Hyper-Accommodative Monetary Policy – January 27, 2021
 · Economics & Policy · 

Today’s report provides an update of the MRB Monetary Policy Pressure Gauges (MPPGs) for each of the major developed market central banks, as well as supporting charts.

Weekly Macro Strategy – Waiting For Corporate Earnings To Catch Up – January 22, 2021
 · Weekly Macro Strategy · 

A correction or consolidation phase for risk assets is probable, but the extremely supportive policy backdrop suggests it will more likely be a period of churning until near-run economic softness peters out.

Fixed Income – Deleveraging Postponed In Canada Mildly Bond Bearish – January 22, 2021
Fixed Income · 

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Global Foreign Exchange – Navigating Currency Markets In 2021 – December 17, 2020
 · Foreign Exchange · 

The U.S. dollar is currently oversold and may be setting up for a bounce, but the cyclical trend remains down and its longer-term appeal is fading.

Weekly Macro Strategy – A High-Wire Act – December 11, 2020
 · Weekly Macro Strategy · 

We remain mildly pro-growth in terms of our investment strategy, favoring a gradual rotation in holdings out of the U.S. (currency and equities).

Policy – Global Monetary Policy Will Stay Very Accommodative – November 24, 2020
 · Economics & Policy · 

The report is an annual study that compares the relative pressures facing the various central banks in the developed world.

Global Foreign Exchange – The U.S. Dollar Is Losing Its Appeal – October 15, 2020
 · Foreign Exchange · 

Investor anxiety associated with the global health crisis and the outcome of the U.S. presidential election has stayed somewhat elevated in recent weeks

Webcast – Equity Rotation: Stronger Global Growth Is The Necessary Condition – (10min:12sec) – September 30, 2020
Webcasts, Webinars & Roundtables · 

In this week’s webcast, Peter Perkins discusses the outlook for performance across the major equity markets and MRB’s recommended positioning in a global equity portfolio.

Regional Equities – Rotation Drivers Are Still Not In Place – September 24, 2020
 · Equities · 

A global economic recovery increases the potential for a rotation away from richly-valued U.S. stocks, but the growth outlook is not yet sufficiently robust to warrant such a shift.

Weekly Macro Strategy – A Small Crack, So Far – September 11, 2020
 · Weekly Macro Strategy · 

We remain cautious on the near-run outlook, as the recovery in the global economy will have difficulty matching the elevated expectations discounted by equities and industrial commodities.

Weekly Macro Strategy – Dollar Doldrums – August 21, 2020
 · Weekly Macro Strategy · 

Equities are at near-run risk as they have front-run a positive economic outcome. Regional rebounds in COVID-19 infections remain both a source of economic drag and ongoing uncertainty about the future.

Equities – Canadian Equities: A Tale Of Two Trends – August 21, 2020
Equities · 

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Foreign Exchange – Stick With The MRB Optimal FX Barbell Basket – July 17, 2020
Foreign Exchange · 

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Global Foreign Exchange – Policy Stimulus’ Impact On FX Markets – July 7, 2020
 · Foreign Exchange · 

The bounce in global risk assets from deeply oversold levels has favored pro-growth currencies.

Webcast – Catalyst For A Regional Equity Rotation Is Not Yet In View – (9min:51sec) – June 24, 2020
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, MRB strategist Peter Perkins discusses the outlook for the major equity markets and MRB’s recommended positioning on a 6-12 month horizon.

Regional Equities – Greater Earnings Certainty Needed For A Major Rotation – June 18, 2020
 · Equities · 

There are important crosscurrents in translating the macro landscape into regional equity positioning.

TradeBook Update – June 12, 2020
Absolute Return · 

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Foreign Exchange – Developed Commodity Currencies Will Need To Get Cheaper – June 3, 2020
 · Foreign Exchange · 

Today’s report highlights why the recent rally in developed commodity-based currencies should prove temporary as underlying fundamentals in these economies remain weak.

Webcast – Canada: Will The Bubble Finally Burst? – (13min:26sec) – June 2, 2020
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, Phillip Colmar provides our latest outlook on the Canadian economy and asset markets, with a focus on the potential for a bursting of the housing and credit bubbles.

Long-Term Returns – Long-Term Fallout From The COVID-19 Crisis – May 28, 2020
Absolute Return ·  · Asset Allocation · 

The post-COVID-19 world poses fresh challenges for investors. While we expect the global economy to rebound in the year ahead, growth in the longer-term will be somewhat slower than was probable prior to the crisis.

Canada – On Thin Ice As It Heats Up – May 27, 2020
Economics & Policy · 

Today’s report updates our outlook on the Canadian economy and related investment strategy in response to the pandemic and related halt in activity.

COVID-19 – Mobility Data: Global Charts – May 21, 2020
 · Economics & Policy · 

Google has provided access to its mobility data during the COVID-19 crisis. While only temporarily available, we felt it would be helpful to provide clients with a regularly-updated chartpack to assess how economic reopening is progressing.

Weekly Macro Strategy – Too Late or Too Soon? – May 15, 2020
 · Weekly Macro Strategy · 

Somewhat disappointing virus and economic trends in the early-restarting Asian countries, plus renewed protectionist threats, underscore that equities are heading into a risky period.