News and Analysis

EAST: European currencies have been both some of the world's strongest, and weakest this year. Eastern Europe has led the way, with the Hungarian Forint (HUF) surging 10% vs the...

Will the upgrade unlock institutional demand? Crypto prices are riding higher as the industry passes several big milestones. These include Ethereum's successful Shanghai...

SENTIMENT: The reversal rally this year by the 2022 losers has been painful for most investors who have stayed cautious. Our composite sentiment index is below average and a...

Summary Silver lining of a faster growth slowdown IMF trimmed its global economic growth outlook, to 2.8%, and warned on downside risks from the banks ‘scare’. Could take 0.4%...

PAIN: Small cap stocks are uniquely exposed to the faster economic growth slowdown that we see coming. As well as the less small and mid-size bank lending as deposit outflows...

VIEW: The March US banking ‘scare’ may seem to be mostly behind us. But many of the macro consequences remain, and history reminds these can be big and global. The $17.3 trillion...

PRICES: US inflation is still the most important number in markets. It drives everything from the Fed outlook to recession risks. The Fed’s NOWCast for today’s March report see’s...

Survey forecasts $5K before end of year The 2023 crypto rally is accelerating as we move into April, with Bitcoin adding 8% to break through $30K for the first time since June...

BRENT: Oil is the world’s most traded commodity, and Brent is the pricing benchmark for an estimated three-quarters of this trade. It includes over 600 related oil products and is...

Summary Performance vs earnings disconnect Earnings have been resilient so-far and are in the spotlight as recession risks build. Q1 set to again be ‘less bad’ and a market...