Market Research

Capital Markets Review and Outlook

By: Cyril M. Theccanat, Chief Investment Officer
April 2019

Positive upside surprises continue to characterize the U.S. economy. The April jobs report showed employment gains of 263,000 for the month bringing the average increase in payrolls this year to 205,000 per month. The unemployment rate in April dropped to 3.6%, the lowest in 50 years….    Read More

Capital Markets Review and Outlook

By: Cyril M. Theccanat, Chief Investment Officer
February 2019

In February, concerns waned further about an impending recession in the U.S. The first release of GDP growth for the 4th quarter of 2018 showed an annualized increase of 2.6%. Although this pace is slower than the growth…    Read More

Capital Markets Review and Outlook

By: Cyril M. Theccanat, Chief Investment Officer
January 2019

Market fears during the last quarter of 2018 of an impending recession late this year or early 2020 were put to rest with the strong employment report for the month of January which showed job gains of 304,000. While economic growth is likely to downshift this year, muted inflation and liquidity from global central banks are likely to underpin a continuation of the current economic expansion…    Read More

Market Volatility and Outlook

By: Cyril M. Theccanat, Chief Investment Officer
January 2019

While equity markets rebounded in the final week of 2018 following steep losses for the month of December and the fourth quarter, the results for the full year were negative across risk markets. A confluence of events ranging from the trade issues with China and tightening monetary policy to concerns about slowing economic growth and the partial government shutdown have weighed on investor sentiment and caused market volatility to spike…    Read More

Capital Markets Review and Outlook

By: Cyril M. Theccanat, Chief Investment Officer
November 2018

After a shaky start well into the third week of the month, global equity markets rebounded in November following the sharp selloff the previous month. Despite the rebound in equity markets, Treasury yields declined reflecting expectations for fewer additional interest rate hikes by the Federal Reserve…    Read More

Staying the Course

By: Cyril M. Theccanat, Chief Investment Officer
October 2018

There are many factors at play for the recent steep losses in global equity markets including concerns that economic growth generally and company revenues and earnings more specifically are slowing down, escalating trade tensions with China, rising interest rates in the U.S. and rising political risk in Europe related to Italy as well as the Brexit negotiations. It is, however, important to note that despite these issues, the underpinnings for a continuation of the global economic expansion remain in place…    Read More