Macroeconomics

What to look for when allocating assets in 2023
Listen to our quarterly asset allocation podcast with global head of multi-asset Maya Bhandari and chief market strategist Daniel Morris....

MARKET UPDATE 02.02.2023
Weekly market update – False alarm?
One of the most consensual views recently had been that the US (and perhaps Europe) would enter recession at some...

MARKET UPDATE 26.01.2023
Weekly market update – So many possible scenarios
The surge in equities and fall in long-term bond yields in the first few weeks of January suggested that investors...

FIXED INCOME OUTLOOK Q1
Fixed income outlook - Sticky inflation
The latest data suggests that the US economy is headed towards a period of below-trend growth, if not outright recession....

MARKET UPDATE 10.11.2022
Weekly market update – The rate of deceleration
Central banks are raising policy rates to reduce aggregate demand and bring it back in line with the productive capacity...

MARKET UPDATE 03.11.2022
Weekly market update: Inflation, inflation, what else?
While inflation is causing a headache, there are other factors that could add up to a serious market migraine. Russia’s...

The pivot is here; adding to EU credit and US equities
Central bank policy rates are priced to reach 5.0-5.5% in the US and 2.75% in Europe by mid-2023. Forward real...

MARKET UPDATE 27.10.2022
Weekly market update – It’s not over
Investors pay heed to the decisions of the Bank of Canada (BoC) as a ‘leading indicator’ of monetary policy elsewhere....

FIXED INCOME OUTLOOK Q4
Fixed income outlook – The pressure is on
The US is facing slowing, but still strong demand and large negative supply shocks. We expect policy rates at between...

20th China Communist Party Congress - The surprise of no surprises
This is the first of two notes focused on reading between the lines of the policy announcements at the Chinese...

Equity outlook – Battling the headwinds
The path ahead for global equities is clear; it’s the timing that is uncertain. Inflation has remained sticky and well...

MARKET UPDATE 20.10.2022
Weekly market update – Central banks going at full tilt
With no prospect of a let-up in the tightening of monetary policy on either side of the Atlantic, equity and...