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Approaching Normalization, JP Morgan Looks Ahead at Equity Returns, and Energy Extends the Commodities Rally


By: BCM Investment Team
The U.S. economy continues its pursuit of “normal” as both the manufacturing and services PMIs ease off their post-pandemic surges into more typical growth territory. Could this signal an easing in inflationary pressures as growth in services prices also decelerates? Banks meanwhile are easing lending standards to give greater access to consumer loans, but will there be high demand after so many used their stimulus payments to dig out of debt? And as JP Morgan publishes a somewhat dour prediction for the equity markets, bond yields around the world have fallen as supply and new issuance remains high particularly in the high yield market. Meanwhile, in commodities, Bloomberg’s commodity index hit highest level since 2015 as oil prices jump following OPEC’s failure to make a deal on increasing production. Good thing renewables are expanding their market share… Looking globally, not everyone is on the road back to normal as China’s debt could m ....

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Marchés financiers: Courageux mais pas téméraires

Marchés financiers: Courageux mais pas téméraires
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