The Housing Market in Canada is Starting to Look Shaky

We have pointed to the Canadian housing market boom and likely bust on several occasions in our reports to clients. Canadian households are overlevered and the housing market has risen to new highs. However, we are now starting to see decisive signs of weakness and...

The Yen Also Rises

The Argentine writer Jorge Luis Borges has a short a story about two lifelong rivals, villains to the core, who are finally captured by the authorities and sentenced to death for their misdemeanors. The officer in charge of the execution, a gambling man himself,...

Global Export and Manufacturing Growth Picking Up

The OECD diffusion index leads our global export index by about 6-9 months, and even if it is turning down into mid-2013, it suggests that better times are ahead for global export activity (upper chart). Indeed, we are now seeing clear signs of a pick-up in global...

Money For Nothing – 2013 Themes and Trades

MACRO AND INVESTMENT THEMES > Parts of the global economy have been in dire straits for much of 2012. Most developed economies continue to suffer from structural problems tied to too much debt and thus a weak level of growth. However, major global central banks are...