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Theme – Secular Equity Bull Market: Is There More Upside? – October 21, 2020
developed-markets
Theme – Secular Equity Bull Market: Is There More Upside? – October 21, 2020
Absolute Return · · Asset Allocation · Themes ·
Most investment strategy is focused on the cyclical trend in asset prices (i.e. the swings within a single economic or business cycle).
Weekly Macro Strategy – Will Equity Markets Stay Resilient? – October 16, 2020
· Weekly Macro Strategy ·
The recent acceleration in COVID-19 infection rates is slowing the global economic rebound.
Economy – Second COVID-19 Wave Heightens Euro Area Economic Uncertainty – October 16, 2020
Fixed Income · Foreign Exchange ·
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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
U.S. Election – What To Expect From A Biden Or Trump Victory – October 13, 2020
· Economics & Policy · Themes ·
The U.S. elections on November 3 could bring significant changes to fiscal policy and the economy in the next four years, with important implications for capital markets.
Weekly Macro Strategy – Still A Long Road Ahead – October 9, 2020
· Weekly Macro Strategy ·
There remains a race between a medical breakthrough and more normal economic and social mobility, versus mounting permanent layoffs.
Foreign Exchange – Stick With The Yen In An Uncertain World – October 9, 2020
Foreign Exchange ·
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Equities – Global Bank Stocks: Cheap, But… – October 9, 2020
Equities ·
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U.S. Equities – Trump Vs Biden: Where The Presidential Nominees Stand On Energy Policy – October 8, 2020
· Equities ·
The upcoming election presents a stark contrast between Democratic nominee Joe Biden’s promise to overhaul the U.S. energy system to urgently deal with climate change
Webcast – U.S.: Tracking The U.S. Recovery – (8min:53sec) – October 8, 2020
Webcasts ·
In this week’s Webcast, Prajakta Bhide discusses the U.S. economic outlook and highlights some key indicators for tracking the U.S. economic recovery.
In this special update, Peter Perkins addresses some key questions about the impact of President Trump’s illness on the election and capital markets.
Asset Allocation Strategy – The Coming Test Of Corporate Earnings – October 2, 2020
· Asset Allocation ·
The developing economic recovery favors equities over bonds on a multi-year basis, but the global S/B ratio has run ahead of fundamentals and is vulnerable to negative surprises.
Economy – U.S.: Not Like Other Cycles – October 1, 2020
· Economics & Policy ·
Standard U.S. business cycle indicators have been less insightful in the current pandemic-driven downturn and subsequent rebound.
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.
Global Fixed Income – The Reflationary Bridge And The Bond Market – September 25, 2020
· Fixed Income ·
U.S. and G7 government bond yields have traded in an extremely tight range of late as bond volatility has been crushed by global central banks through highly accommodative policies and strong forward guidance.
Weekly Macro Strategy – Still A Stop-Start World – September 25, 2020
· Weekly Macro Strategy ·
The setback to the global economic recovery, primarily in the service sector, was to be expected, and somewhat frothy equity market sentiment is now deflating.
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.
Foreign Exchange – The Multi-Year Case For The Euro – September 22, 2020
· Foreign Exchange ·
The recent spike in euro area daily cases of COVID-19 has reignited economic pessimism, which has triggered a risk-off phase and bounce in the dollar, halting the rally in the euro.
Weekly Macro Strategy – Rotation Update – September 18, 2020
· Weekly Macro Strategy ·
We remain short-term cautious on equities (and industrial commodities) because the economic recovery is proving underwhelming in many countries and there are a number of potential risks ahead.
TradeBook Update – Euro Area Vs U.S. Equities – September 18, 2020
Absolute Return ·
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Equities – U.K.: If It’s Not One Thing, It’s Another – September 18, 2020
Equities ·
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Policy – U.S. Economy: The Danger Of Premature Austerity – September 17, 2020
· Economics & Policy · Themes ·
The aftermath of the Great Recession highlights the dangers of enacting premature fiscal austerity.
Webcast – Growth Vs Value: An Unsustainable Divergence – (11min:26sec) – September 16, 2020
Webcasts ·
In this week’s Webcast Salvatore Ruscitti discusses the outlook for U.S. style performance and how to navigate the extreme divergence in the performance between growth and value stocks.
U.S. Equities – Will Gravity Finally Drag Down Growth Stocks? – September 14, 2020
· Equities ·
The recent sell-off in the tech-heavy NASDAQ has rekindled optimism about a broadening of U.S. stock market leadership away from growth stocks and towards laggard value sectors.
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.
Equities – Japanese Equities: Uncertain Earnings Upside In A Recovery – September 11, 2020
Equities ·
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Absolute Return Strategy – The Opportunities Are In The Laggards – September 10, 2020
Absolute Return · ·
It has been a bumpy ride for investors over the past week as equities abruptly pulled back from overbought levels, before catching a bid yesterday.
Webcast – Markets Now Testing Optimistic Expectations – (10min:59sec) – September 9, 2020
Webcasts ·
In this week’s webcast, Peter Perkins discusses the investment outlook and MRB’s recommended asset allocation strategy and positioning for the next 6-12 months.
Asset Allocation Strategy – A Now Formally Asymmetric, Pro-Growth Fed – September 4, 2020
· Asset Allocation ·
Economic recoveries are inherently beneficial for pro-growth assets, especially given open-ended monetary accommodation.
Absolute Return Strategy – Equity Leaders Vs Everything Else – September 3, 2020
Absolute Return · ·
Market leaders typically have a material influence on overall equity performance, but it has been dramatic this year.