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Articles

Jul 28

The LatAm equity puzzle

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The July 2021 edition of Numera’s Global Macro Monitor focuses on LatAm stocks, which continue to underperform despite exceptional international conditions. We explore the factors currently weighing on returns, and evaluate the attractiveness of new investments over the coming year. 
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Jul 21

Metal prices at a tipping point

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The July 2021 edition of our Commodity Market Outlook focuses on base metals and iron ore, covering recent market developments and our pricing outlook over the coming year. As usual, we also provide an update on our latest views on broad commodity markets.
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Jul 07

Will the tech rally persist?

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The June 2021 edition of Numera’s US Macro Monitor discusses US consumption prospects, exploring the likelihood of a normalization in expenditure patterns. We then evaluate the implications of potential budget shifts for sector rotation, focusing on the relative performance of tech stocks.
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Jun 23

Europe’s time to shine

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The June 2021 edition of Numera’s Global Macro Monitor focuses on the Euro area, discussing EZ growth prospects and the regional investment outlook. Unlike past recessions, Europe should experience a sustained equity rally, underpinned by rapidly improving confidence and a strong Euro.
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Jun 10

Gold as an inflation hedge

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The June 2021 edition of our Commodity Market Outlook focuses on gold, covering recent market developments and our pricing outlook over the coming year. As usual, we also provide an update on our latest views on broad commodity markets.
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Jun 03

Hedging inflation risk

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The May 2021 edition of Numera’s US Macro Monitor explores the factors behind high US inflation, and discusses various strategies to minimize inflationary risk. While an inflationary spiral remains unlikely, we expect higher trend inflation than in the past 5Y, weakening the relative appeal of 60/40 portfolios.
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May 27

Low mobility weighing on returns

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In the May 2021 edition of Numera’s Global Macro Monitor, we investigate the EM equity implications of vaccine inequality. Although global ‘reflation’ benefits EM assets, stark differences in public health risks versus DMs weakens the relative appeal of EM stocks versus past reflationary episodes.
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