US Commercial Property Update NCREIF Q2 2026: Returns rangebound for sixth quarter Q2’s total return of 1.3% was dominated by the income component, with cap rates and capital values broadly steady. Meanwhile, aside from senior housing, where quarterly returns hit 3.9% in Q2, sector... 27th July 2026 · 3 mins read
US Economics Weekly Tariff wall rebuild underway The new forced labour Section 301 tariffs that took effect today are only part of the administration’s broader strategy to push the average tariff rate back towards its pre-IEEPA-ruling level of... 24th July 2026 · 6 mins read
Canada Economics Weekly Latest tariff threat highlights splintering provincial fortunes The newly announced Section 338 tariffs heap more pain on particular industries while again leaving items such as energy and fertiliser unscathed. This special treatment is shaping relative growth... 24th July 2026 · 4 mins read
Capital Daily Is there still scope for another surge in the S&P 500? Despite a favourable reaction to Intel’s consensus-beating financial results for Q2, concerns about the ability of the US hyperscalers and others to monetise huge investments in AI may continue to... 24th July 2026 · 4 mins read
US Fed Watch Rate hikes coming, but not until September The benign June price data brought the Fed some more time to gauge how inflation evolves over the coming months. If inflation pressures remain as persistent as we expect, the Fed will begin tightening... 23rd July 2026 · 8 mins read
China Economics Focus Chinese AI models – your questions answered Last week’s release of Kimi K3 has triggered a renewed wave of global interest in Chinese AI models. This Focus answers the key questions we have received from clients. It discusses how Chinese models... 23rd July 2026 · 24 mins read
Bonds Update What the AI debt boom means for borrowing costs The boom in AI-related corporate bond issuance looks set to continue as firms ramp up their spending on the AI buildout. We think this deluge of supply will increasingly test investors’ capacity to... 23rd July 2026 · 4 mins read
Canada Rapid Response Canada Retail Sales (May 2026) Consumers unphased by higher gasoline prices The rise in retail sales volumes in May and flash estimate of another solid gain in June suggests households have shrugged off higher gasoline prices... 23rd July 2026 · 1 min read
Global Economics Update What is the future of US tariffs? The “Section 122” global tariff imposed by the Trump administration after the Supreme Court struck down its IEEPA tariffs (including those from “Liberation Day”) in February will expire on Friday, to... 23rd July 2026 · 6 mins read
US Economics Update Core goods inflation unlikely to fully normalise The PPI and import price data suggest that the AI buildout and supply constraints from the war in Iran will prevent core goods inflation from fully normalising, even as tariff effects ease. 22nd July 2026 · 2 mins read
Equities Update Foreigners’ voracious appetite for US equities is another red flag A surge in foreign buying of US equities could be another sign of trouble ahead for the S&P 500. After all, smaller surges also took place before the dotcom bubble burst; the GFC; and 2022’s drawdown... 22nd July 2026 · 5 mins read
Canada Chart Pack Canada Chart Pack (Jul. 2026) The outlook hinges on the outcome of CUSMA negotiations, with the Trump administration’s latest 50% tariff announcement underscoring the risks. For now, we still think an agreement will be reached at... 21st July 2026 · 1 min read
Global Commercial Property Update Housing wealth underpins demand for active adult communities Demographics are less favourable for active adult communities than care homes. However, high net housing wealth among older households will support demand, especially in markets with more older people... 21st July 2026 · 4 mins read
US Rapid Response US Outlines New Tariffs on Canada President Trump’s set of proclamations imposing 50% tariffs on goods imported from Canada are not as broad as the initial media reports suggest, with the included item codes covering only 5% of goods... 21st July 2026 · 3 mins read
Global Commercial Property Update UK commercial property investment to catch-up with US as rates fall back A divergence in risk-free interest rates in the UK and US since the end of 2024 has led to a marked difference in the level of commercial property investment between the two countries, in part because... 20th July 2026 · 3 mins read
US Chart Pack US Chart Pack (July 2026) We expect GDP growth to average 2.2% and 2.3% this year and next, driven by strong AI-investment and a rebound in consumption growth. The labour market appears to be stabilising, and we expect the... 20th July 2026 · 1 min read
