The first estimate of Q1 US corporate profits published yesterday by the Bureau of Economic Analysis is another warning sign that the second half of 2013 may be much tougher for equities than the...

The recent surges in the yields of US Treasury and Japanese government bonds have led some to ask whether this might be the beginning of a prolonged bear market. Yields should of course rebound to...

Despite the global rally over most of the past month, emerging market equities have continued to underperform developed market equities. We expect this pattern to persist.

Today’s slump is not necessarily the end of the bull market in Japanese equities, but the next few months will be much harder going. We continue to expect the Nikkei to fall further, probably below 13...