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  • Week Ahead

    Week Ahead

    Equity markets are on a roll; bonds and yields are mostly stable.  Another NFP is to come before the Fed’s June meeting; no change is expected until September. Now neutral on equities and bonds, and long USD. Watch out for Nvidia’s earnings on Wednesday.  The biggest tail risk is inflation staying high(er for longer), forcing…

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  • Week Ahead

    Week Ahead

    April NFP lower than expected sends yields down and equities up; earnings are solid. Another NFP is to come before the Fed’s June meeting. Now neutral on equities and bonds, and long USD. Watch out for US PPI (and Powell) on Tuesday, US CPI and EU GDP on Wednesday, and EU CPI on Friday. The…

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  • Week Ahead

    Earnings save the week (and the markets); strong reports from Microsoft and Alphabet, with the latter introducing its first dividend. Sticky inflation will keep rates higher for longer – possible cut by the Fed to only start in December? Now neutral on equities and bonds, and long USD. Watch out for US Nonfarm payroll, US…

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  • Week Ahead

    Tough week for equities, with the market selling all the recent winners. Netflix disappoints, we’ll see this week if this was company-specific or if there is a malaise in tech earnings. Now neutral on equities and bonds, and long USD. Watch out for US GDP on Thursday and for US PCE Core Price Index on…

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  • Week Ahead

    Unexpectedly high US CPI rocks markets; yields up significantly, and equities down. The first Fed cut might not happen until September, while the ECB might start in June. Now neutral on equities and bonds, long USD, and still look favourably at Japan. The biggest tail risk is inflation staying high(er for longer), forcing Central Banks…

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  • Week Ahead

    Rates become increasingly important as the fear of no cuts this year in the US expands quickly; this is unlikely but the first cut might not happen until September. Blowout nonfarm payroll saved the day last Friday and softened the blow of a tough week. Important week with US CPI and PPI (but don’t hold…

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