Global macro research hub
Latest views
Asset Allocation in Focus
November 26, 2025
The performance of any asset class is driven by a complex set of forces
France: steps towards a second eurozone sovereign crisis
November 25, 2025
France faces a precarious political and fiscal outlook, with implications for investors to consider.
Business investment, profits and the growth cycle
November 18, 2025
We explore the evolving role of business investment – particularly the recent surge in AI-related capital expenditure – as a key driver of global growth.
Previous research
Rare earths vs semiconductors – what are they playing at?
November 10, 2025
President Trump is playing poker; President Xi is playing weiqi.
Navigating the US data shutdown
October 21, 2025
The US federal government shutdown has delayed several key economic data releases, forcing markets to pay closer attention to alternative data sources and complicating the Fed’s decision-making process.
Fiscal fault lines: A global review of sovereign fiscal health
August 27, 2025
We provide a comprehensive assessment of fiscal sustainability across developed and emerging markets.
Global macro research: Global trade in chains - tariff revenues
August 14, 2025
U.S. tariff hikes are generating record revenues—now $29 billion monthly—and are projected to offset part of the fiscal burden from new spending, though not enough to reverse the country’s unsustainable debt trajectory.
Dollar dominance: holding on in a fragmenting world
July 10, 2025
The US dollar remains the strongest candidate for global reserve currency status, but its dominance is no longer absolute.
