Commodities Weekly China metals demand; EU weighing Russia metals ban It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk... 26th January 2024 · 4 mins read
Asset Allocation Update Will energy equities ever recover? The stock prices of companies in the energy sector (mostly oil & gas firms) have largely underperformed the rest of the stock market recently, and we doubt they’ll do much better in the foreseeable... 26th January 2024 · 4 mins read
Industrial Metals Update Global Steel Production (Dec. & 2023) Global steel production reportedly stagnated last year. We think it probably will again in 2024 as a drop in production in China should offset increasing output by most other producers. 25th January 2024 · 2 mins read
Industrial Metals Update Real metals prices are high and have further to rise Compared to their pre-pandemic averages, metals prices are high even after adjusting for inflation. We think that as green transition-related demand increases and monetary easing gets underway, real... 25th January 2024 · 4 mins read
Global Economics Global Economics Shipping Chart Pack (Jan. 2024) This is a special Global Economics Chart Pack that provides clients with key analysis to make sense of the macro and market impact of the disruptions to maritime shipping. The charts in this document... 25th January 2024 · 1 min read
Global Economics Update PMIs suggest price pressures remain elevated January’s flash PMI surveys suggest that GDP growth in advanced economies ticked up from a very weak pace at the start of 2024. And with price pressures still strong, central banks will probably... 24th January 2024 · 3 mins read
Global Economics Update Are central banks’ hawkish tones to be believed? Central banks will probably continue to push back on expectations of rate cuts at their scheduled policy announcements in the coming weeks. But with inflation and wage pressures clearly moderating, we... 23rd January 2024 · 5 mins read
Industrial Metals Update Global Aluminium Production (Dec. & 2023) Global aluminium production growth slowed to 2.3% in 2023 from 2.9% in 2022. We think softening output growth in China will cause global growth to fall back again this year. 22nd January 2024 · 2 mins read
FX Markets Weekly Wrap Dollar grinds higher alongside rising equities and UST yields The US dollar’s rebound has gained momentum this week amid hawkish rhetoric from Fed officials and more evidence out of the US – notably retail sales and jobless claims – of continued resilience in... 19th January 2024 · 5 mins read
Industrial Metals Update Green demand to spur copper price gains in 2024 After a subdued 2023, we think the copper price will fare much better this year. We expect supply growth to moderate, while demand growth will be bolstered by the green transition. 19th January 2024 · 3 mins read
Energy Update Energy prices are not that high in real terms Energy prices seem historically high at first glance. However, that is not strictly the case. After adjusting for inflation, oil and US natural gas prices are already at or below pre-pandemic levels... 19th January 2024 · 3 mins read
Asset Allocation Update The impact of AI on non-US stock markets While we think that enthusiasm around Artificial Intelligence (AI) will mean that equities in the US keep outperforming this year, we see scope for equities in the rest of the world to fare quite well... 19th January 2024 · 4 mins read
Global Inflation Watch Will the last mile be the hardest? The easiest wins in the disinflation battle are behind us now that base effects from the previous surge in energy prices have run their course. Indeed, we expect energy effects to lift inflation in... 18th January 2024 · 16 mins read
Green Transition Chart Pack Green Transition Chart Pack (Jan. 2024) Our Green Transition Chart Pack has been updated with the latest data and our analysis of recent developments. Following a period of upward pressure on renewable and battery costs in recent years, the... 18th January 2024 · 1 min read
Event Drop-In: What to expect from financial markets in 2024 1706108400 Will US equities continue to lead the pack in 2024? How will monetary policymaking affect the level of yields? What will this mean for FX markets?