Asset Class
Equities
Global equity markets are currently navigating a 'risk-off' environment characterized by a significant rotation from technology to defensive sectors. This shift is highlighted by a sharp 5.9% decline in the US Momentum factor and a correction in US tech stocks, even as companies like Alphabet continue massive investments in AI infrastructure. Earnings reports for 4Q25 reveal a mixed landscape; while consumer names like Yum! Brands show resilience, sector-specific pressures such as multiple compression for Ferrari and disappointing guidance from Information Services firm Gartner have led to price target downward revisions. In Europe, pharmaceutical giants GSK and Novartis have issued guidance trailing consensus, further contributing to a cautious outlook in the region. Regional equity sentiment is also being shaped by political developments, most notably in Japan, where a projected LDP victory is expected to support 'Abenomics'-style stimulus alongside Bank of Japan rate hikes totaling 75bp. Additionally, the cooling of Brent crude prices toward $68/b amid diplomatic progress in the Middle East and large-scale renewable energy investments, such as Saudi Arabia's $2bn solar agreement with Turkey, are influencing broader market dynamics. Despite localized volatility and currency fluctuations, global PMIs suggest an underlying 2.8% annualized rise in GDP, providing a macro cushion for diversified equity portfolios.
1430 reports available
New Zealand Morning Focus
ANZ's morning report notes weak US hiring data and easing Eurozone inflation, which supports the case for further ECB easing. Global equity markets, especially tech, faced downward pressure while the NZD weakened following local labor data.
ETF Compass: When Software Cracks Credit Feels It
This report highlights a growing sensitivity in the credit market to software equity weakness, as software comprises 20% of BDC portfolios. It recommends XLF put spreads as a cost-effective hedge for potential BDC deterioration.
FX Daily Corrective Forces in Play
FX markets are experiencing a correction as a sell-off in US tech stocks and volatility in silver pressure procyclical currencies, while the focus shifts to ECB, BoE, and CEE central bank meetings.
Multi Asset Strategy Daily
Mizuho highlights technical resistance for US 10-year yields at 4.30% and expects steady, non-volatile policy outcomes from the ECB and BoE. Market sentiment remains cautious following a risk-off session in Asia and upcoming US-Iran meetings.
The Point for North America
A comprehensive daily digest from Citi Research highlighting robust AI-driven growth at Alphabet and FormFactor, balanced by concerns over heavy tech CapEx. It also covers strong quarterly results from industrials and medical technology firms alongside luxury sector price hikes.
European Morning Research Summary
A daily summary of Barclays' European equity research highlighting a rating downgrade for Webster Financial and significant target price revisions for Ferrari, Amdocs, and Carlsberg.