For the second meeting in a row, the Federal Open Market Committee (FOMC) decided to keep rates unchanged, leaving the Fed Funds trading range at 4.25%–4.50%.
Emerging-market (EM) equities are off to a strong start in 2025, up 4.5% through March 14 in US-dollar terms. But investors could be excused for being wary. After all, emerging markets have struggled over the past decade.
Citigroup Inc. had what looked like the perfect way to grab a slice of the money flowing from wealthy individuals to private equity firms: playing matchmaker between its rich clients and an up-and-coming firm.
Tariffs among developed countries could mean emerging market (EM) assets like bonds could garner interest.
Nvidia Corp. aims to spend several hundred billion dollars to procure US-made chips and electronics over the next four years, the Financial Times reported.
EQT AB will return $5.4 billion to investors this week after completing the sale of a stake in Nord Anglia Education Ltd., marking one of the most profitable recent private equity exits in Asia, people familiar with the matter said.
In the understatement of 2025 thus far, the headlines emanating from Washington, D.C., have been fast and furious. Whether they be tariff-related, involving federal government cuts or geopolitical in nature, there has been a headline for many facets that investors could think of.
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
European equities have started 2025 on a positive note. Several factors could help support the market overcome challenging conditions.
Since our last update of our ‘Three Tactical Rules’ on February 4, equity markets have been under pressure as the S&P 500 has retraced more than 23% of the rally that started October 2023.
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Value investing and emerging markets are not often associated with one another. Conventional wisdom says that emerging markets, with their rapidly developing economies and rising consumer classes, are naturally the hunting ground of growth-oriented investors.
Two Sessions, or Lianghui, is the popular name for the annual meeting of China’s top legislative and consultative bodies. These gatherings are closely watched by overseas observers as they provide key insight into China’s political landscape, economic priorities and overall policy direction.
As of the end of trading on Thursday, March 13, the S&P 500 closed down 10 percent from its all-time high, marking an official correction. It was the first correction since October 2023—17 months ago.
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
A time-honored belief holds that inflation is bad for stocks, but recent developments may be challenging this view.
Banks needed the right version of Donald Trump to justify their high-flying stock prices. They got the wrong one. The US president’s chaotic and aggressive performance during his first few weeks in the White House has shocked companies, put investment plans and deals on hold and threatens to drag the economy into recession.
There’s nothing like a good sale to get people excited—unless that sale happens in the stock market. Instead of celebrating a chance to buy at a discount, investors panic, dump stocks, and brace for economic doom.
On the latest edition of Market Week in Review, Director and Senior Investment Strategist Alex Cousley discussed recent developments in the trade war and the impact on markets. He also dug into the latest U.S. economic data and provided an update on investor sentiment.
Keep calm and carry on. Recent weeks have seen financial markets rattled by swirling news headlines, tariff whiplash, and rising economic uncertainty.
Unpredictable U.S. tariff policy has heightened concerns about a potential U.S. economic recession.
Five of the nine indexes on our world watch list have posted gains through March 17, 2025. Hong Kong's Hang Seng is in the top spot with a year to date gain of 23.05%. Germany's DAXK is in second with a year to date gain of 15.29% while France's CAC 40 is in third with a year to date gain of 9.20%.
One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
No matter how conversant one is with global security issues, it’s hard to fully grasp what that abyss would look like; Jacobsen accomplishes this formidable task by spending more than a decade with the dramatis personae in the history of nuclear weaponry.
Builder confidence fell for a second straight month as economic uncertainty, tariff threats, and elevated construction costs continue to weigh on sentiment. The National Association of Home Builders (NAHB) Housing Market Index (HMI) dropped to 39 this month, down 3 points from February and the lowest level since August. The latest reading was below the 42 forecast.
The tendency of stocks to produce all their gains at night, when markets are closed, and systematically lose money during the daylight hours, has baffled researchers for four decades and potentially put retail investors at a disadvantage.
Recent economic data has been all over the map. Consumer confidence sank this month to the lowest level since November 2022, yet the labor market remains strong, with historically low unemployment and rising wages.
One thing we have seen underscored in 2025 is that the bond market can change its mind very quickly, particularly as it relates to policy emanating from Washington, D.C. Following President Trump’s election win, the dominant theme in the U.S. Treasury (UST) arena was that his Administration’s policies would lead to higher budget deficits, increasing UST supply and, ultimately, higher rates for maturities like the 10-Year yield.
Stocks rebounded on Wednesday as core inflation in the United States came in below consensus expectations and news of a possible 30-day truce in the Russia-Ukraine war emerged. Big tech stocks also recovered after flirting with bear-market territory earlier this week.
During the onset of the COVID crisis, I made a note to myself to write an update in five years to discuss what happened to the markets since that trying period of time. This week, I received a task alert in Salesforce reminding me to write that update.
Markets will be laser focused on Federal Reserve policy and economic projections next week, looking for signs about where interest rates are heading.
Ben Inker and John Pease look at the economics of trade and tariffs at a theoretical level and explain why broadly applied tariffs are a needlessly economically way to achieve U.S. goals.
News related to tariffs, DOGE, geopolitical unrest, NVIDIA earnings, and more significantly impacted U.S. stock markets recently, with the S&P 500 retreating over 2.5% during the second half of February. There are signs that meaningful structural shifts are taking place in the market.
The 60/40 portfolio, where 60% is invested in stocks and 40% in bonds, is the initial starting point for many portfolios. The exact asset mix is often adjusted based on an investor’s time horizon, risk tolerance, and financial goals, but the simple, proportional stock-bond combination is what is often considered a “balanced” portfolio.
In today’s rapidly evolving financial landscape, advisors are expected to be more than just portfolio managers. Clients don’t just want investment recommendations—they seek a trusted partner who understands their financial needs, offers strategic guidance and provides peace of mind during turbulent times.
March came in like a lion, much to the bears’ delight. The S&P 500® plunged from its February 19 high on the heels of stern tariff talk and phrases like “a little bit of an adjustment period” from President Trump and the economy entering a “detox period,” as Treasury Secretary Bessent said last week.
The Liberal Party of Canada has wrapped up its leadership race, with Mark Carney winning by an overwhelming margin.
There has been further indication that the U.S. will underperform during a negative market, according to DoubleLine's Jeffrey Gundlach.
In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.
Recent US stock weakness may be related to a downturn in US economic data and headline shocks related to tariffs.
US consumer prices rose at the slowest pace in four months in February, offering some reprieve ahead of tariffs that are expected to drive costs higher.
President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering concern across export-reliant Asia and immediate reprisals from the European Union and Canada as the global trade war enters a rocky phase.
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
As we wade into March, market volatility is at the forefront, leaving investors grappling with uncertainty surrounding tariffs and mixed economic signals. Though the S&P 500 experienced a bounce towards February's end, it slipped 1% overall, revealing lingering challenges for iconic tech stocks and the broader equity landscape.
For decades, the U.S. dollar’s dominance has rested on two pillars: America’s deep capital markets and its global security alliances. Today, both are under strain.
Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
The EV shakeout is underway. When the dust settles, only a few players will remain. Many more will be relegated to the scrapyard of failed ambitions.
Six of the nine indexes on our emerging markets watch list have posted gains through March 10, 2025. Russia's MOEX is in the top spot with a year to date gain of 11.1%. Chile's IPSA is in second with a year to date gain of 10.1% while South Korea's KOSPI is in third with a year to date gain of 8.84%.
Costco's earnings may have disappointed in the near-term, but the company may be in a prime position to perform during a tariff showdown.
As Donald Trump’s tariffs send markets into a tailspin, pressure is mounting on the president to speed up his main proposal for juicing the economy: a sweeping tax bill.
At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.
Trade policy clarity is a long way off.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talks about the KraneShares CSI China Internet ETF (KWEB) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Let's take a close look at February's employment report numbers on Full and Part-Time Employment. The latest data shows that 82.5% of total employed workers are full-time (35+ hours) and 17.5% of total employed workers are part-time (<35 hours).
WEIRDness provides rewards – wealth, the pursuit of happiness, political freedom – that should cause it to succeed, over the long run, in the Darwinian competition between social systems that we call “history.” I hope it wins. WEIRD is good.
Some of Asia’s biggest central banks are getting a painful refresher in economic theory.
Emerging-market stocks declined for a second day and currencies halted a four-day rally as concerns grew that China’s deflation is spreading to its consumer economy and Donald Trump’s tariffs threaten US growth.
The Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week, shifting the market’s focus to signals about what comes next.
The U.S. has poured more than $120 billion into Ukraine since its war with Russia began three years ago, but with a new administration in Washington, that support is grinding to a halt.
On March 4, 2025, the Trump administration imposed tariffs of 25% on Canada and Mexico and increased tariffs on Chinese imports to 20% from the previous 10% imposed earlier in the year.
We highlight some underreported positive developments that could keep economic growth on track and support higher equity prices in the months ahead.
On the latest edition of Market Week in Review, Senior Investment Strategist and Head of Canadian Strategy, BeiChen Lin, discussed how markets are reacting to U.S. trade policy uncertainty.
Italian Prime Minister Giorgia Meloni is getting cold feet over a proposed €1.5 billion ($1.6 billion) deal with Elon Musk’s SpaceX, according to Bloomberg News. As well she might.
Sanjay Malhotra, the new Reserve Bank of India governor, is right to unwind some of his predecessor’s hawkish controls on a runaway consumer-credit boom. There was a time to throw sand in the wheels of commerce.
The Nasdaq 100 Index sank into a correction on Friday, as investors continue to sour on the megacap technology stocks that led the stock market rally over the past two years.
Treasury Secretary Scott Bessent warned that the US economy may see some disruption as the Trump administration shifts the basis for growth away from the government and toward the private sector.
One month into President Donald Trump’s new term, financial markets are adjusting to a rapidly shifting economic and policy environment. Investors are watching closely as tariffs, interest rate expectations and regulatory changes take center stage.
Developing-nation assets jumped on bets higher tariffs will slow the US economy and divert investment flows into other markets.
China has taken an important symbolic step toward addressing a persistent drag on its economy.
Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.
Treasury yields have been falling for weeks. Yet inflation expectations remain high and recent growth data have been fairly strong—not a traditional backdrop for declining yields. What's happening?
Many ASEAN members punch above their economic weight in international trade. But their power may also make them targets in the mounting global trade battle.
As daily headlines drive volatility, the market has avoided overreacting thus far.
With U.S. tariffs on Mexican and Canadian imports now in effect, yesterday’s risk-off market mood continued today. Both Canadian and U.S. equities modestly sold off.
We view quarterly earnings season as a critical checkup on how markets are handling current challenges.
US stocks have been on a wild ride this week, and options traders expect more of that to come as traders assess the latest tariff developments and brace for Friday’s monthly jobs report.
Germany’s extraordinary spending plans are shaking up the region’s markets, powering European equities past US peers this year and reviving the euro from the brink of parity with the dollar.
President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, Commerce Secretary Howard Lutnick said Wednesday.
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.
Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.
US Treasuries are now outperforming stocks since Donald Trump was elected President, and some strategists say there’s room for those gains to run.
Traders added to bets on interest-rate cuts from the Federal Reserve amid concern about the impact of US trade tariffs on global economic growth.
The Chinese artificial intelligence startup that rocked global markets earlier this year with its low-cost and high-performance AI models has outlined a potential path to major profitability.
We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.
The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.
It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.
Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.
Emerging Markets
Fed Watch: Let’s Just Wait and See
For the second meeting in a row, the Federal Open Market Committee (FOMC) decided to keep rates unchanged, leaving the Fed Funds trading range at 4.25%–4.50%.
Emerging-Market Equities: The Steep Cost of Missing Out
Emerging-market (EM) equities are off to a strong start in 2025, up 4.5% through March 14 in US-dollar terms. But investors could be excused for being wary. After all, emerging markets have struggled over the past decade.
Citi’s Private Equity ‘Club’ Underwhelmed Billionaire Members
Citigroup Inc. had what looked like the perfect way to grab a slice of the money flowing from wealthy individuals to private equity firms: playing matchmaker between its rich clients and an up-and-coming firm.
Emerging Market Bonds Could Garner Interest Amid Tariffs
Tariffs among developed countries could mean emerging market (EM) assets like bonds could garner interest.
Nvidia Plans Massive Outlay on US-Made Electronics, FT Says
Nvidia Corp. aims to spend several hundred billion dollars to procure US-made chips and electronics over the next four years, the Financial Times reported.
EQT Returns $5.4 Billion to Investors After Education Bet Soars
EQT AB will return $5.4 billion to investors this week after completing the sale of a stake in Nord Anglia Education Ltd., marking one of the most profitable recent private equity exits in Asia, people familiar with the matter said.
From the Beltway to Main St.: Certain Uncertainty
In the understatement of 2025 thus far, the headlines emanating from Washington, D.C., have been fast and furious. Whether they be tariff-related, involving federal government cuts or geopolitical in nature, there has been a headline for many facets that investors could think of.
A Future Uncertain: Recession Coming?
Recession fears have risen sharply of late as economic soft data have rolled over, upping the risk that hard data start to catch down.
Can European Equities Regain Footing amid Global Adversity?
European equities have started 2025 on a positive note. Several factors could help support the market overcome challenging conditions.
Tactical Rules Turn More Bullish
Since our last update of our ‘Three Tactical Rules’ on February 4, equity markets have been under pressure as the S&P 500 has retraced more than 23% of the rally that started October 2023.
Musk’s xAI Startup Joins Microsoft-BlackRock $30 Billion AI Fund
Microsoft Corp., the biggest backer of Sam Altman’s OpenAI, and BlackRock Inc., which has an executive on the artificial intelligence startup’s board, are joining forces with one of its chief rivals.
Revisiting Seven Sources of Value in Emerging Markets
Value investing and emerging markets are not often associated with one another. Conventional wisdom says that emerging markets, with their rapidly developing economies and rising consumer classes, are naturally the hunting ground of growth-oriented investors.
China Stimulus: Better Luck Next Year
Two Sessions, or Lianghui, is the popular name for the annual meeting of China’s top legislative and consultative bodies. These gatherings are closely watched by overseas observers as they provide key insight into China’s political landscape, economic priorities and overall policy direction.
The Market Has Corrected: What’s Ahead?
As of the end of trading on Thursday, March 13, the S&P 500 closed down 10 percent from its all-time high, marking an official correction. It was the first correction since October 2023—17 months ago.
How To Invest with Clarity Through Market Volatility
One of the textbook drivers of alpha is an information edge. Having more information, advanced ways to use that information, and the ability to react to it before anyone else has been a massive advantage throughout the history of markets.
Equities as an Inflation Hedge?
A time-honored belief holds that inflation is bad for stocks, but recent developments may be challenging this view.
Investment Bankers Finally Start to Take Trump Literally
Banks needed the right version of Donald Trump to justify their high-flying stock prices. They got the wrong one. The US president’s chaotic and aggressive performance during his first few weeks in the White House has shocked companies, put investment plans and deals on hold and threatens to drag the economy into recession.
Tariffs and the Stock Market: Resist Panic, Reach for Patience
There’s nothing like a good sale to get people excited—unless that sale happens in the stock market. Instead of celebrating a chance to buy at a discount, investors panic, dump stocks, and brace for economic doom.
Volatility Returns With a Vengeance
On the latest edition of Market Week in Review, Director and Senior Investment Strategist Alex Cousley discussed recent developments in the trade war and the impact on markets. He also dug into the latest U.S. economic data and provided an update on investor sentiment.
Putting the Recent Volatility Into Perspective
Keep calm and carry on. Recent weeks have seen financial markets rattled by swirling news headlines, tariff whiplash, and rising economic uncertainty.
Schwab Market Perspective: Recession Risk Rising?
Unpredictable U.S. tariff policy has heightened concerns about a potential U.S. economic recession.
World Markets Watchlist: March 17, 2025
Five of the nine indexes on our world watch list have posted gains through March 17, 2025. Hong Kong's Hang Seng is in the top spot with a year to date gain of 23.05%. Germany's DAXK is in second with a year to date gain of 15.29% while France's CAC 40 is in third with a year to date gain of 9.20%.
How To Survive Falling Markets
One of the biggest challenges investors face today is navigating the most concentrated U.S. stock market in history, where the largest stocks represent a record share of total market value.
Oracle of the Apocalypse
No matter how conversant one is with global security issues, it’s hard to fully grasp what that abyss would look like; Jacobsen accomplishes this formidable task by spending more than a decade with the dramatis personae in the history of nuclear weaponry.
NAHB Housing Market Index: Uncertainty Drags Builder Confidence to 7-Month Low
Builder confidence fell for a second straight month as economic uncertainty, tariff threats, and elevated construction costs continue to weigh on sentiment. The National Association of Home Builders (NAHB) Housing Market Index (HMI) dropped to 39 this month, down 3 points from February and the lowest level since August. The latest reading was below the 42 forecast.
We Still Need to Find Out Why Stocks Gains Come at Night
The tendency of stocks to produce all their gains at night, when markets are closed, and systematically lose money during the daylight hours, has baffled researchers for four decades and potentially put retail investors at a disadvantage.
Gold Smashes Through $3,000 as Recession Fears Mount
Recent economic data has been all over the map. Consumer confidence sank this month to the lowest level since November 2022, yet the labor market remains strong, with historically low unemployment and rising wages.
Discounting the D.C. Effect in the Bond Market
One thing we have seen underscored in 2025 is that the bond market can change its mind very quickly, particularly as it relates to policy emanating from Washington, D.C. Following President Trump’s election win, the dominant theme in the U.S. Treasury (UST) arena was that his Administration’s policies would lead to higher budget deficits, increasing UST supply and, ultimately, higher rates for maturities like the 10-Year yield.
Economic Vitals Stay Strong Amid Trade Dustup
Stocks rebounded on Wednesday as core inflation in the United States came in below consensus expectations and news of a possible 30-day truce in the Russia-Ukraine war emerged. Big tech stocks also recovered after flirting with bear-market territory earlier this week.
One of Those Times
During the onset of the COVID crisis, I made a note to myself to write an update in five years to discuss what happened to the markets since that trying period of time. This week, I received a task alert in Salesforce reminding me to write that update.
Latest Inflation Readings Put the Federal Reserve in a Bind
Markets will be laser focused on Federal Reserve policy and economic projections next week, looking for signs about where interest rates are heading.
Trade: The Most Beautiful Word in the Dictionary
Ben Inker and John Pease look at the economics of trade and tariffs at a theoretical level and explain why broadly applied tariffs are a needlessly economically way to achieve U.S. goals.
Quality Is On Sale
News related to tariffs, DOGE, geopolitical unrest, NVIDIA earnings, and more significantly impacted U.S. stock markets recently, with the S&P 500 retreating over 2.5% during the second half of February. There are signs that meaningful structural shifts are taking place in the market.
Rebuilding Resilience in 60/40 Portfolios
The 60/40 portfolio, where 60% is invested in stocks and 40% in bonds, is the initial starting point for many portfolios. The exact asset mix is often adjusted based on an investor’s time horizon, risk tolerance, and financial goals, but the simple, proportional stock-bond combination is what is often considered a “balanced” portfolio.
Becoming Your Client’s Financial MD: A New Advisory Mindset
In today’s rapidly evolving financial landscape, advisors are expected to be more than just portfolio managers. Clients don’t just want investment recommendations—they seek a trusted partner who understands their financial needs, offers strategic guidance and provides peace of mind during turbulent times.
Honeywell’s Planned Spinoff and What It Means Amid Macro Volatility
March came in like a lion, much to the bears’ delight. The S&P 500® plunged from its February 19 high on the heels of stern tariff talk and phrases like “a little bit of an adjustment period” from President Trump and the economy entering a “detox period,” as Treasury Secretary Bessent said last week.
Election Debrief: Why the Era of Uncertainty May Continue in Canada
The Liberal Party of Canada has wrapped up its leadership race, with Mark Carney winning by an overwhelming margin.
Gundlach: U.S. Stocks Will Underperform in Recession as Odds Reach 60%
There has been further indication that the U.S. will underperform during a negative market, according to DoubleLine's Jeffrey Gundlach.
Three Reasons We’re Overweight Japanese Equities
In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.
Data Determination vs. Headline ‘Hell’: Making Sense of the US Market’s Crosscurrents
Recent US stock weakness may be related to a downturn in US economic data and headline shocks related to tariffs.
US Inflation Eases, Offering Some Relief Ahead of Tariffs
US consumer prices rose at the slowest pace in four months in February, offering some reprieve ahead of tariffs that are expected to drive costs higher.
Trump Metal Tariffs Spark Retaliation Moves, Calls for Talks
President Donald Trump’s 25% tariffs on steel and aluminum imports came into force Wednesday, triggering concern across export-reliant Asia and immediate reprisals from the European Union and Canada as the global trade war enters a rocky phase.
As Europe Rearms, Bond Funds Are Ripping Up the Rule Book
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Navigating Market Turbulence: Decoding the Impact of Tariffs and Economic Trends
As we wade into March, market volatility is at the forefront, leaving investors grappling with uncertainty surrounding tariffs and mixed economic signals. Though the S&P 500 experienced a bounce towards February's end, it slipped 1% overall, revealing lingering challenges for iconic tech stocks and the broader equity landscape.
Why the U.S. Dollar Is Losing Some of Its Luster
For decades, the U.S. dollar’s dominance has rested on two pillars: America’s deep capital markets and its global security alliances. Today, both are under strain.
From AI to Infrastructure: The 10 Investment Themes Defining the Next Five Years
Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.
Making International Great Again?
Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.
The EV Shakeout
The EV shakeout is underway. When the dust settles, only a few players will remain. Many more will be relegated to the scrapyard of failed ambitions.
Emerging Markets Watchlist: March 10, 2025
Six of the nine indexes on our emerging markets watch list have posted gains through March 10, 2025. Russia's MOEX is in the top spot with a year to date gain of 11.1%. Chile's IPSA is in second with a year to date gain of 10.1% while South Korea's KOSPI is in third with a year to date gain of 8.84%.
Costco Earnings Showcase Opportunities Amid Tariff Worries
Costco's earnings may have disappointed in the near-term, but the company may be in a prime position to perform during a tariff showdown.
Tariff Worry on Wall Street Pressures Trump to Speed Up Tax Cuts
As Donald Trump’s tariffs send markets into a tailspin, pressure is mounting on the president to speed up his main proposal for juicing the economy: a sweeping tax bill.
Despite Recent Volatility, We Maintain Our Constructive Outlook
At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.
A Frenzied Week for Tariffs
Trade policy clarity is a long way off.
ETF of the Week: KraneShares CSI China Internet ETF (KWEB)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talks about the KraneShares CSI China Internet ETF (KWEB) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
A Closer Look at Full-time and Part-time Employment: February 2025
Let's take a close look at February's employment report numbers on Full and Part-Time Employment. The latest data shows that 82.5% of total employed workers are full-time (35+ hours) and 17.5% of total employed workers are part-time (<35 hours).
It’s Good to Be Weird: Joseph Henrich’s ‘WEIRDest People in the World’ Five Years On
WEIRDness provides rewards – wealth, the pursuit of happiness, political freedom – that should cause it to succeed, over the long run, in the Darwinian competition between social systems that we call “history.” I hope it wins. WEIRD is good.
‘Impossible Trinity’ Conundrum Has Caused a Cash Crunch in Asia
Some of Asia’s biggest central banks are getting a painful refresher in economic theory.
Emerging Markets Decline Amid China Deflation, US Growth Worries
Emerging-market stocks declined for a second day and currencies halted a four-day rally as concerns grew that China’s deflation is spreading to its consumer economy and Donald Trump’s tariffs threaten US growth.
The Fed’s Fixation on a 2% Inflation Target Is Risky
The Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week, shifting the market’s focus to signals about what comes next.
European Defense Stocks Go Parabolic as War Spending Surges
The U.S. has poured more than $120 billion into Ukraine since its war with Russia began three years ago, but with a new administration in Washington, that support is grinding to a halt.
Let the (Trade) War Begin, or Not: Uncertainty Is a Risk to Economic Activity
On March 4, 2025, the Trump administration imposed tariffs of 25% on Canada and Mexico and increased tariffs on Chinese imports to 20% from the previous 10% imposed earlier in the year.
Falling Gas Prices Could Provide a Boost to Consumer Spending
We highlight some underreported positive developments that could keep economic growth on track and support higher equity prices in the months ahead.
Tariff Uncertainty Rattles Markets
On the latest edition of Market Week in Review, Senior Investment Strategist and Head of Canadian Strategy, BeiChen Lin, discussed how markets are reacting to U.S. trade policy uncertainty.
Macron’s Defense Dream Is Getting Caught in Musk's Web
Italian Prime Minister Giorgia Meloni is getting cold feet over a proposed €1.5 billion ($1.6 billion) deal with Elon Musk’s SpaceX, according to Bloomberg News. As well she might.
India’s Top Banker Must Ease Credit, But Not Too Much
Sanjay Malhotra, the new Reserve Bank of India governor, is right to unwind some of his predecessor’s hawkish controls on a runaway consumer-credit boom. There was a time to throw sand in the wheels of commerce.
Nasdaq 100 Tumbles Into a Correction as Tech Selloff Intensifies
The Nasdaq 100 Index sank into a correction on Friday, as investors continue to sour on the megacap technology stocks that led the stock market rally over the past two years.
Bessent Warns of ‘Detox Period’ for Economy, Touts Trump ‘Call’
Treasury Secretary Scott Bessent warned that the US economy may see some disruption as the Trump administration shifts the basis for growth away from the government and toward the private sector.
Trump’s Economic Landscape: What Investors Need to Know
One month into President Donald Trump’s new term, financial markets are adjusting to a rapidly shifting economic and policy environment. Investors are watching closely as tariffs, interest rate expectations and regulatory changes take center stage.
Emerging-Market Assets Rally as Doubts Mount Over US Growth
Developing-nation assets jumped on bets higher tariffs will slow the US economy and divert investment flows into other markets.
China’s Inflation Problem Isn’t Just Going Away
China has taken an important symbolic step toward addressing a persistent drag on its economy.
6 Reasons to Consider Frontier Markets Debt
Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.
Treasury Bonds: Why Are Yields Dropping?
Treasury yields have been falling for weeks. Yet inflation expectations remain high and recent growth data have been fairly strong—not a traditional backdrop for declining yields. What's happening?
Southeast Asia Tries To Preserve Trade
Many ASEAN members punch above their economic weight in international trade. But their power may also make them targets in the mounting global trade battle.
Strength of US Economy Continues to Offer Stability
As daily headlines drive volatility, the market has avoided overreacting thus far.
Tariff Tensions: Are Portfolio Changes Needed?
With U.S. tariffs on Mexican and Canadian imports now in effect, yesterday’s risk-off market mood continued today. Both Canadian and U.S. equities modestly sold off.
Q4 Earnings Recap: US Large-Cap Earnings Justify Their Current Valuation
We view quarterly earnings season as a critical checkup on how markets are handling current challenges.
Traders See Wild S&P 500 Swings After Trump Address to Congress
US stocks have been on a wild ride this week, and options traders expect more of that to come as traders assess the latest tariff developments and brace for Friday’s monthly jobs report.
Germany’s ‘Whatever It Takes’ Moment Powers European Markets
Germany’s extraordinary spending plans are shaking up the region’s markets, powering European equities past US peers this year and reviving the euro from the brink of parity with the dollar.
Trump to Decide on Canada, Mexico Relief Today, Lutnick Says
President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, Commerce Secretary Howard Lutnick said Wednesday.
What is a Small Cap Growth Fund?
In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
Wall Street Goes Defensive as Policy Uncertainty Rattles Markets
February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.
Four Major Factors Driving Market Volatility
We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.
The (Not So) Magnificent Seven?
Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.
Trump Trades Are Upended as Treasury Returns Beat US Stocks
US Treasuries are now outperforming stocks since Donald Trump was elected President, and some strategists say there’s room for those gains to run.
Traders See Three Fed Cuts in 2025 as Tariffs Add to Growth Risk
Traders added to bets on interest-rate cuts from the Federal Reserve amid concern about the impact of US trade tariffs on global economic growth.
DeepSeek’s ‘Theoretical’ Profit Margins Are Just That
The Chinese artificial intelligence startup that rocked global markets earlier this year with its low-cost and high-performance AI models has outlined a potential path to major profitability.
QuantStreet March 2025 Letter: Geopolitics
We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.
What Does the DeepSeek Halo Teach Us About Chinese Stocks?
The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.
Don’t Worry About China Tariffs
It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.
Estimates By Analysts Have Gone Parabolic
Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.