MSCI ACWI hitting multi-month highs, U.S. remains leadership Note: This week's report is presented in an abbreviated format, as we are publishing the June International Macro Vision book this week (available next Tues. AM). Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and S&P 500 and MSCI ACWI price trends are showing evidence of early-stage uptrend formations. In today's report we provide an overview o...
Not much has changed over the past week when looking at the MSCI ACWI and S&P 500, with prices generally trending sideways and no material changes in our primary breadth indicators. Therefore, our outlook remains positive given breadth and price action improvements on both the ACWI and S&P 500 relative to mid-April (both developments that we highlighted in the 5/17/18 International Compass). • Major themes: Opportunities within Health Care and Materials. Price and relative strength trends con...
Highlighted themes and actionable charts: • Emerging markets (MSCI EM) versus Developed international (MSCI EAFE). Recent USD strength has weighed on EM's relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity... see below, left • Actionable countries. The MSCI BRIC index has re...
Moody's America Latina Ltda. has affirmed Fibria Celulose S.A.'s corporate family rating at Ba1 in the global scale and at Aaa.br in the national scale. The outlook for all ratings is negative. Ratings affirmed as follows: ..Issuer: Fibria Celulose S.A. Corporate Family Rating: Ba1 (g...
A Moody's América Latina Ltda. afirmou os ratings corporativos da Fibria Celulose S.A. em Ba1 (escala global) e Aaa.br (escala nacional brasileira). A perspectiva para todos os ratings é negativa. Ratings afirmados como a seguir: ..Emissor: Fibria Celulose S.A. Ratings c...
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