Worst Case Scenario, Steel and Aluminum Tariffs Have Limited Impact on Light Vehicle Demand
We are not changing our auto fair value estimates after President Trump announced his intent to levy 25% and 10% tariffs on steel and aluminum...
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February U.S. Auto Demand: Retail SAAR Weaker on Lower Incentives
February SAAR came in at 17.08m units, down 0.2% sequentially and by 2.8% YoY. What was noticeable was that retail SAAR was most likely much lower...
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January China Auto Demand: Sales Up, SAAR Down
China's January auto demand fell by 8.2% sequentially, but was up by 11.5% YoY. January of 2018 had 3 more selling days than in January of 2017,...
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U.S. Auto Demand in January: SAAR Down, Incentives Down
U.S. January light vehicle sales came in at 1.15m units, consistent with mid-month run rate and representing a 28% sequential decline but 1% YoY...
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Global Equity Strategy: Overweight EM
Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...
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