Here’s Ethan Harris and the BofA Merrill US Economics research team on the trade deal:

The more interesting part of the deal is China’s agreement to dramatically increase imports from the US. China is tasked with increasing agricultural, manufacturing, energy and services by more than 50% this year with another sharp increase in 2021. We rem…[Read more]

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Jan Hatzius: The FED is firmly on hold
“Fed policy remains firmly locked on hold. The ongoing easing in financial conditions and the strength in the labor market argue against any further cuts, while the weakness in the manufacturing surveys and core PCE inflation of just 1.6% rule out any hikes. With liquidity issues in money markets also on the…[Read more]

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Bernstein: taking up world GDP growth 2020 from 2.2% to 2.4% – but “we are not out of the woods…”
“We have upgraded our 2020 global growth forecast to 2.4% from 2.2% to reflect more encouraging news on the trade-front, easier financial conditions and signs that manufacturing may be starting to stabilize.

It would, however, be premature to think…[Read more]

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Sanford Bernstein weighs in:

“Following the increase of the public float of BYND to 65% after the lock-up expiry, we believe that the stock is more investable with a risk/reward profile that is skewed to the upside, especially as plant-based meat becomes more price competitive on the back of African Swine Fever. A key question going forward is…[Read more]

Barclays: too early to fade the rally
Expect any potential near term

pullback to be of limited magnitude

1) Long-only investor positioning is still

light and the ‘Fear Of Missing Out’ should support steady equity inflows

2) Key consumer and employment data is resilient in US and Europe, manufacturing destocking is well advanced and…[Read more]

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