The May 2022 edition of Numera’s Global Macro Strategist focuses on the US dollar, up 5% this past month in response to rising global financial stress. We present our views on the dollar against all major currencies, and explore the impact of a rising USD on global financial markets..
The May 2022 edition of our Commodity Market Outlook focuses on industrial metals, covering recent market developments and our pricing outlook for copper and iron ore for 2022 and 2023. As usual, we also provide an update on our latest views on broad commodity markets.
The April 2022 edition of our US Macro Stategist focuses on the US bond market outlook as the Fed reduces liquidity support. We evaluate the attractiveness of sovereign debt as a macro hedge, assess duration plays, and evaluate the relative appeal of inflation-linked vs. nominal bonds.
The April 2022 edition of Numera’s Global Macro Strategist focuses on China, discussing the growth implications of Beijing’s Zero-COVID policy and increased fiscal and monetary support. In addition, we investigate whether Chinese stocks are gaining appeal after declining nearly 50% this past year.
The March 2022 edition of our US Macro Stategist focuses on the impact of rising oil prices and Fed tightening on the US economy and stock/bond portfolios. While both factors will dent growth prospects, we believe that fears of 1970s-type stagflation remain overstated, favouring risky assets.
The March 2022 edition of Numera’s Global Macro Strategist edition edition focuses on the global investment implications of the Russia-Ukraine war. We discuss the immediate and longer-term impact of the war on global growth, inflation and monetary policy, and on the global equity outlook.