Macro View: The Make-or-Break Year
Head of Macro Analysis
Summary: Just coming back from Russia. This is my latest macro presentation for Q4 2019 focusing on USD liquidity, leading indicators based on credit and Russia outlook (RUB & macro).
My main takeaways:
- It’s going to get worse in the short term due to dollar shortage, low China’s stimulus that is not kicking in well in demand and export industries and technical recession in many countries (notably Germany).
- But there are positive signs for early 2020: CB liquidity is slowly turning on the back of global easing and our favorite macro gauge the credit impulse points out to a potential growth rebound in H1 2020, mostly fueled by the US.
- Russia outlook: Macro is looking just fine in Russia. The country has low financing needs relative to other Ems and can accommodate both on the monetary & fiscal side. But beware of risk of higher USDRUB cross due to USD shortage in the short term.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Energy crisis could turn energy stocks into secular winnerWith long-term expected returns for the global energy sector close to 10%, we look at 40 stocks that could be set to cash in.
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.