Capital Daily BoJ hikes not a threat to the global bond rally It’s increasingly clear the Bank of Japan will resume its hiking cycle this month; on its own we don’t think that’s a big threat to global bond markets even if the central bank ultimately moves more... 4th June 2026 · 4 mins read
US Rapid Response US ISM Services Index (May 2026) Strong services price pressures will add to Fed’s concerns The rise in the ISM Services Index in May, together with the latest rise in the manufacturing index, suggests that the economy is enjoying... 3rd June 2026 · 2 mins read
Bank of Canada Watch Softer data give BoC some breathing room The downside surprise to first-quarter GDP growth and limited passthrough of higher oil prices to core inflation so far gives the Bank of Canada scope to keep interest rates on hold again next week... 3rd June 2026 · 6 mins read
Capital Daily A fundamental or speculative surge in the S&P 500? The S&P 500 broke through 7,600 yesterday for the first time ever. With that in mind, has its AI-related surge since the end of 2022 been fuelled by earnings or the price investors are willing to pay... 2nd June 2026 · 4 mins read
US Commercial Property Valuation Monitor US Commercial Property Valuation Monitor Q2 2026 All-property valuation scores worsened in Q1 2026 as the Iran war pushed up alternative asset yields. With those yields still elevated as the war drags on, valuations look set to worsen further in Q2... 2nd June 2026 · 1 min read
US Rapid Response US ISM Manufacturing Index (May 2026) ISM confirms manufacturing sector in cyclical upswing The rise in the ISM Manufacturing Index to a four-year high in May suggests that the sector continues to hold up well, probably because the boost... 1st June 2026 · 2 mins read
Capital Daily Peace deal still MIA; markets still don’t mind A US-Iran peace deal has, yet again, failed to materialise despite reports that one is imminent. But, in spite of another round of tit-for-tat attacks over the weekend, market participants continue to... 1st June 2026 · 7 mins read
US Economics Weekly Price pressures not yet raising alarm bells The latest communications from Fed officials have become increasingly hawkish. But the softer-than-expected outturn for the April core PCE deflator and the mounting downside risks to real consumption... 29th May 2026 · 6 mins read
Canada Economics Weekly Wage growth accelerating despite weak activity The surprise 0.1% annualised decline in first-quarter GDP stole the headlines this week, but the bigger concern for the Bank of Canada was arguably the evidence of accelerating wage growth despite... 29th May 2026 · 5 mins read
Global Commercial Property Update Despite short-term challenges, leisure set to bounce back With consumers cutting back discretionary spending as real incomes come under pressure, demand for leisure assets will be subdued over the next year or so. But longer term the future for the sector... 29th May 2026 · 3 mins read
Canada Rapid Response Canada GDP (Q1 2026 and Mar.) The trade-induced contraction in GDP last quarter meant the economy tipped into a technical recession at the start of the year. But rising oil and gas activity mean this is certain to already be over... 29th May 2026 · 3 mins read
Capital Daily Inflation could derail the equity market if there is no peace deal Soft data and (another) potential US-Iran deal offer hope that the US is not set for sustained bout of high inflation. But if inflation does stay higher for longer, history suggests that would be a... 28th May 2026 · 3 mins read
US Employment Report Preview Softer payroll gain and unemployment rate to rise We estimate that non-farm payrolls rose by a smaller 65,000 in May, with the unemployment rate edging up to 4.4%. 28th May 2026 · 4 mins read
US Rapid Response US Personal Income & Spending (Apr 2026) The softer-than-expected 0.24% m/m gain in the core PCE deflator in April buys the Fed a bit of time as it waits to see how higher oil prices will feed through to broader inflation pressures... 28th May 2026 · 2 mins read
FX Markets Update Risks of a sudden carry trade unwind are building While the Iran war does not appear to have pulled the plug on the carry trade yet, the risk of a sudden unwind may continue to build for as long as the Strait of Hormuz remains closed. But even if it... 28th May 2026 · 4 mins read
US Commercial Property Update AI boom will not prevent Southern metros pushing ahead Within a sluggish national picture, metro jobs performance has varied widely with some cities - notably Washington D.C. - seeing big contractions, while others grew strongly - such as Las Vegas and... 27th May 2026 · 3 mins read
