Macro Round-up May 20th 2019

As expected, the Chinese announced retaliatory actions to the Trump administrations increase in the tariff rate. Thus far the Trump administration have dodged where possible the application of Tariffs on consumer goods however, should they continue to place tariffs on...

Macro Round-up May 13th 2019

Thematically, over the next few weeks we expect the macro focus to center on developments in the US China Trade talks. The Trump administration increased the tariff rate on $200bn of Chinese goods to 25% (from 10%). Goods at sea will not be tariffed at this rate hence...

Macro Round-up May 7th 2019

The Federal Reserve meeting of last week was perceived as a non-event, or it would have been but for the post meeting press conference. Unfortunately Jay Powell’s messaging (from a market perspective) continues to require improvement. The use of the word “transitory”...

Macro Round-up April 29th 2019

The headline figure for US Q1 GDP significantly beat expectations at 3.2% q/q annualized. Although President Trump was eager to accumulate credit for the positive release some of the underlying components provided pause for concern. A buildup in inventories and better...

Macro Round-up April 23rd 2019

With a welcome break from the Brexit saga, investors focused on some pertinent UK economic indicators released last week. Although, it is acknowledged that these figures are inherently analyzed with the Oct 31 deadline overshadowing any conclusion. Unemployment levels...