Global Research Unlocked

The dynamics of the US gas market about to change US oil production grew roughly 1mm barrels per day in 2023 and while US production growth may be slowing, it's growing elsewhere including in Guyana and Brazil. Such growth outside of Saudi threatens their market share, and that could mean even more supply as Saudi looks to take that share back. That all makes for a tough backdrop for the oil price and oil-levered equities, but the situation is more positive for equities levered to US

Bundling, targeted ads among streaming growth drivers Streaming video choices have ballooned over the last decade and leading streamers are already reaching well over half of US households. But there are still a number of compelling growth drivers. The crackdown on password sharing is underway and can boost subscribers, so can bunding deals, such as those with wireless companies and there's still room for much better ad targeting. Meanwhile, streaming companies are slowing their investment in

Investors face a much different backdrop in 2024 Our Economics and Strategy teams expect central banks in developed economies to start cutting rates in '24, inflation to slow further and the dollar to weaken. But questions persist, ranging from which emerging economies may perform best amidst the weakening dollar backdrop, whether 10Y Treasury rates will follow Fed Funds rates lower, and if the markets might be too complacent about inflation and growth. Members of our Economics and Strategy teams

Desert island album? How about fresh water. Less than 1% of the world's water supply is usable and the demand for water is growing faster than the population, creating a scarcity issue for the world's most important resource. AI requires a substantial amount of processing power and that means more water is needed to cool servers in data centers. In fact, one liter of water is consumed for every 40 ChatGPT commands processed. But, the good news is that there are relatively cost effective solutions

Heavy supply likely limits the downside in 10Y yields Treasury bond yields are off recent highs but still up 40bps+ YTD and at the highest levels in 15 years. This is despite a decline in the inflation rate and an expectation from our Economics team that disinflation will continue. But bond yields are high not just because inflation is higher than recent trend, they're also high because of higher bond supply and less demand. Megan Swiber from Rates Strategy discusses the $8T of Treasuries that will

Many businesses to see AI benefits within medium term The democratization of artificial intelligence or AI has created a major tech wave for consumers. AI promises to make some businesses more efficient and even help businesses generate more revenue. We surveyed BofA Global Research analysts across the globe and found that 94% of covered companies plan to use AI to become more efficient and generate revenue. Survey participants expect 75% of companies to see positive AI benefits within the next 3-5

Productivity gains from AI will drive margin growth The S&P 500 has enjoyed double digit gains this year thanks in part to waning recession concerns and a resilient consumer that has been somewhat insulated from higher interest rates. We sit down with Head of US Equity and Quantitative Strategy, Savita Subramanian, who remains bullish on US equities from these levels. Savita believes that in this backdrop of high inflation, wage growth and interest rates, companies will likely focus more on

GLP-1 impact should be big but lots of puts and takes Almost 40% of US adults are obese and the US healthcare system spends nearly $173 billion a year on obesity-related medical costs. In the past, exercise and diet regiments were the best solutions for combating obesity but now there's an injectable called a GLP-1. These drugs trigger receptors in the brain to suppress appetites, cravings and addictive behaviors. Pete Galbo explains GLP-1s could mean less snacking but even years from now when