The weekly macro review for w/c 15 July 2019 - Speeches by US Fed officials created confusion over signalling this week. Chairman Powell signalled the likelihood of a rate cut at the next meeting. An expectation for a 50bp cut had somehow become embedded and the...

The weekly macro review for w/c 8 July 2019 - In a speech during the week, Fed Chairman Powell was widely seen as signalling that a rate cut for Jul was likely. The minutes of the prior meeting provided the broader context and outlined the reasons behind the increase...

The macro review for w/c 1 July 2019; The manufacturing slow-down in the US and abroad is continuing to evolve. The ongoing lack of growth in new orders is manifesting now as falling order backlogs and, anecdotally, reduced input buying. In some cases, finished goods...

The macro review for w/c 24 June 2019 - The G20 delivered over the weekend. From our review last week; “The G20 is a perfect venue for these gestures, with its traditionally grand shows of diplomatic pleasantries. If Trump and Xi appear together, shake hands and...

The macro review for w/c 17 June 2019 - Central banks were the main focus during the week – mostly signalling that more policy accommodation is to be expected. The FOMC, RBA, and ECB indicated that further accommodations were required in order to reach inflation...

The macro review for w/c 10 June 2019 - Data out of China this week was mixed but suggests little in the way of accelerating growth. Industrial production continued to grow at a slower pace while consumers/households face higher prices with CPI growth accelerating on...

The macro review for w/c 3 June 2019 - Developments on trade, increasing downside risks from trade tensions and low inflation had central bankers in the US, Europe, and Australia worried this week. The US Fed Chairman has put a rate cut into play. Chairman Powell...

The weekly macro review for w/c 27 May 2019 - One of our key themes for the week had been growth and sentiment. Wrapped up in this was not only US growth data but also sentiment around trade negotiations. Trade talks with China remain on hold. China released a white...

The weekly macro review for w/c 20 May 2019 - The FOMC minutes reflected a somewhat more upbeat, yet guarded view on growth and risks – “some of the risks and uncertainties that had surrounded their outlooks earlier in the year had moderated”. Unfortunately, the rates...

The weekly macro review for w/c 13 May 2019 - Despite stimulus measures in place, economic data out of China continues to disappoint. This week, there was little follow through on industrial production with growth slowing back down to the lower pre-Mar level. Retail...