MIXED BLESSING: Soaring used car prices has been a big driver of inflation, sign of snarled auto supply chains, and has given automakers, dealers, and renters some rare pricing...

GIVING UP? After outperforming the US earlier this year, Europe ex UK (EZU) equities have slumped under the weight of the Ukraine war and Russia sanctions, high oil prices and...

JUST STARTING: Secular growth ‘thematic’ investing, as opposed to in traditional sectors and geographies, has stayed popular despite the sharp correction in high flying disruptive...

SLUMP: The Japanese Yen (JPY) has slumped through 125 vs the USD, back to 2015 levels. The currency of the world’s no.3 economy and stock market has performed on par with ...

UTILITIES: We have seen a ‘stealth’ rally in utilities (XLU, @Utilities) stocks this year. They are only lagging the high-flying energy sector (see chart). This reflects a recent...

UPSIDE RISK: US and allies have dramatic plans to sell oil from their emergency ‘strategic petroleum reserves’ (SPR) to contain $100+ oil prices. The US is targeting sales of 1.0m...

For the last two years, the world has been living through a global pandemic. We started wearing masks, navigated our lives in between lockdowns, and became proficient in rapid...

FOCUS: Markets are nervous and repricing the electoral odds in a tightening (see chart) French presidential election that goes to 1st round polls on Sunday. The stock market has...

A LOW BAR: Global first quarter earnings season unofficially starts next Wednesday, April 13, with JPM leading US bank reports. Consensus has set a low bar for S&P 500,...

TOUGH Q1: There were few places to hide in Q1, with commodities the only asset class in the green. Nevertheless, equities and crypto have seen a sharp rebound out of ‘correction’...