Equities stumble as earnings yield gap hits 22-year low
avril 22, 2024 | NS Partners
Defensive rotation. Non-US equity markets relinquished YTD USD gains and style / sector trends reversed after the earnings yield / TIPs yield gap narrowed to its lowest since the early 2000s tech bubble burst (see charts). Central bank balance sheet update. Bank reserves continue to trend lower in the Eurozone / UK, while rises in […]
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Is the UK MPC already too late?
avril 19, 2024 | NS Partners
A modest upside inflation surprise in March has been portrayed as confirming that inflationary pressures remain sticky, warranting further delay in policy easing. The stickiness charge is bizarre in the context of recent aggregate data. The six-month rate of change of core consumer prices, seasonally adjusted, has fallen from a peak of 8.4% annualised in July 2023 to 2.4% in March.
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Marco Polo tales
avril 18, 2024 | Gestion d’actifs Global Alpha Ltée
Exploring Asia and insights from Japan and China.
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What is the catalyst for EM equities?
avril 17, 2024 | NS Partners
Is a potential double positive in global excess money set to boost EM equities?
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2024 European earnings and expectations
avril 11, 2024 | Gestion d’actifs Global Alpha Ltée
Insights into Europe via Sopra Steria’s & Melia Hotel’s growth.
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Research Trip – Saudi Arabia and Dubai, Feb. 2024
avril 11, 2024
Insights from our most recent research trip.
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The return of M&A boosts small cap performance
avril 4, 2024 | Gestion d’actifs Global Alpha Ltée
Insights on navigating the M&A wave.
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A “monetarist” perspective on current equity markets
avril 4, 2024 | NS Partners
The quarterly commentary in mid-2023 noted that the cycle and monetary analyses were giving conflicting signals. The stockbuilding cycle appeared to be tracing out a low, a development usually associated with stronger performance of equities and other cyclical assets. However, greater weight was accorded to continued weakness in global real narrow money momentum, which suggested downside risk to economic activity and insufficient liquidity to support market gains.
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A game of tag to improve retailer efficiencies
mars 28, 2024 | Gestion d’actifs Global Alpha Ltée
Cutting costs, optimizing sales and elevating shopping with ESLs.
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What do US money trends suggest about “neutral” rates?
mars 27, 2024 | NS Partners
US economic “resilience” in 2023, recent inflation stabilisation and buoyant risk asset markets raise the question of whether the current level of policy rates is restrictive. A “neutral” level of rates, according to the monetarist view, is one that results in monetary growth consistent with target inflation.
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The return of J-banks
mars 21, 2024 | Gestion d’actifs Global Alpha Ltée
Japan’s banks rally – a shift toward normalcy in 2024?
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Global monetary update: minor recovery stalling?
mars 20, 2024 | NS Partners
Global six-month real narrow money momentum – a key leading indicator in the forecasting approach employed here – has recovered from a low in September 2023 but remains negative and could be stalling. Allowing for the typical lead, this suggests a slide in economic momentum into mid-year with limited subsequent revival.
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Revue annuelle de l’entreprise – Mars 2024
mars 19, 2024 | Gestion de placements CC&L
Dans la mise à jour annuelle de cette année, nous examinons comment nous avons renforcé notre avantage concurrentiel grâce à la recherche continue et au développement de la prochaine génération de dirigeants au sein de notre organisation.
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AI supply chain bottlenecks are opportunities for EM tech leaders
mars 18, 2024 | NS Partners
Summary A bounce in unloved Chinese equities led a positive month for EM stocks, with the MSCI EM Index up nearly 5% in USD terms. Among the leaders was portfolio holding Trip.com, which surged over 25%, reflecting a recovery in consumer demand for travel in China. Korean stocks continued a run of strong performance fed […]
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