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Global manufacturing slowing to a halt

November 23, 2020 | Press

FOR IMMEDIATE RELEASE

MONTREAL, QC, November 23, 2020 (Press Release) – Numera’s advance estimates for world manufacturing point towards a significant slowdown in Q4 factory output amid rising infection rates and declining mobility in advanced economies. Our revised estimate for October points to growth of 0.8% MoM (-0.2% YoY), as the recovery likely halted in countries experiencing a ‘second wave’. Our advance estimate for November reveals a 40% chance of contraction this month, with the most likely outcome being factory output slowing to a standstill. This rapid deceleration again reflects weakening activity among countries re-imposing lockdown rules.

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Euro stocks face imminent risks

November 20, 2020 | Articles

The November 2020 edition of Numera’s Global Macro Monitor focuses on equity market prospects for Europe in a context of rapidly worsening public health outcomes. Although favourable vaccine developments boost the medium-term outlook, high stock prices and a probable near-term downturn worsen the appeal of new equity investments.
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Vaccine news boosts long-term global outlook

November 11, 2020 | Articles

The November 2020 edition of our Global Macro Perspectives report features in-depth commentary of the key macro themes shaping the global economic outlook, as well as our latest country and regional views on growth, inflation and exchange rates.

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LatAm ready to outperform

November 5, 2020 | Articles

No region has been as disrupted by COVID-19 as Latin America. The virus has weighted heavily on growth and equity prices, but shifting public health prospects may revert the current trend. In this special report, we discuss our latest views on LatAm equity investments. We find there is a strong case for overweight positions on 12M holdings.

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The Epidemic Strikes Back

October 29, 2020 | Articles

The October 2020 edition of Numera’s US Macro Monitor focuses on the short and medium-term impact of a ‘second wave’ and of a potential stimulus bill. We first discuss how both developments affect the growth outlook, and then explore implications for equity returns and asset allocation.

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Global Retails Sales Decelerate as COVID Cases Soar

October 27, 2020 | Press

FOR IMMEDIATE RELEASE

MONTREAL, QC, October 26, 2020 (Press Release) – Numera today released its advance estimates of global retail sales, which suggest a marked slowdown in consumption growth, owing in part to rising infection rates across advanced economies.

Our revised estimate for September shows a 1.1% month-over-month (MoM) gain as the most likely outcome, a marked slowdown versus August (see below). Retail sales likely weakened further this month, with our modelling of high frequency indicators pointing to nearly flat growth in October (+0.2% MoM). Given the increase in COVID-19 cases in recent weeks, however, the full extent of the slowdown remains uncertain and the tail risk is significant as seen in the graph below.

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Betting on the South

October 23, 2020 | Articles

The October 2020 edition of Numera’s Global Macro Monitor analyzes the attractiveness of battered LatAm and EMEA stocks amid shifting public health prospects. We find that falling infection rates and a favourable USD and commodity outlook greatly improve the relative appeal of non-Asia EM equities.
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Recovery in Global Industrial Production Slows

October 22, 2020 | Press

FOR IMMEDIATE RELEASE

MONTREAL, QC, October 21, 2020 (Press Release) – Numera today released its advance estimates of global industrial production for October, which suggest that growth has come to a near standstill. Our revised estimate for September reveals worldwide production last month expanded just 0.1% month-over-month (MoM), and was still 3.5% below its year-ago level. We expect this trend to continue this month. Our modelling of high-frequency data points to a gain of only 0.1% MoM as the most likely outcome for October, and roughly a 40% chance of contraction.
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Growth in Global Manufacturing has Stalled

October 21, 2020 | Press

FOR IMMEDIATE RELEASE

MONTREAL, QC, October 20, 2020 (Press Release) – Numera today released its advance estimates for global manufacturing in October, which support the view that the recovery has likely stalled. Our revised estimate for September shows growth slowed to +0.3% month-over-month (MoM) after several months of above-trend gains driven by the lifting of lockdown measures. Our advance estimate for October indicates a further slowdown to just +0.1%, and importantly, a 40% probability that final numbers could show an outright decline.
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