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Macro

Understand the fast-changing domestic and global economic forces under the tectonic plates driving our markets.

Macro

China’s rising steel output driving commodity demand

There have been a range of new developments unfolding in commodity markets over the past week or so. Most particularly, the past weekend’s agreement by OPEC+ producers...
Scott Haslem
LGT Crestone
Macro

A$ near 70 cents as Australia's recession begins

This week we had confirmation that Australia’s economy contracted in the March quarter. This was enough for even the government to concede that the economy is in...
Sean Callow
Sean Callow
Westpac Bank
Macro

Speedy return to economic normalcy?

Global equities pushed higher in May, continuing the rebound of the previous month, reflecting ongoing hopes of a speedy return to economic normalcy as both new...
David Bassanese
Betashares
Macro

Will the Australian Property Market Crash or Climb? With Martin North

Financial markets have disconnected from economics over the last few weeks, and so we dive into Martin's mortgage stress indicators to get a real-time view on what is...
Damien Klassen
Nucleus Wealth
Macro

Australia’s doing relatively well…but demons lurk

“We've used monetary policy to try and stimulate our economy. We've used budget policy to try and stimulate our economy…And I think now we're going to have to use...
Scott Haslem
LGT Crestone
Macro

Is Australia’s current account surplus firing up the Australian dollar?

“Inclusive economic institutions require secure property rights and economic opportunities not just for the elite but for a broad cross-section of society.” Daron...
Scott Haslem
LGT Crestone
Macro

COVID-19 recovery: What’s driving your scepticism?

Consider a crowded street fair, commonplace to so many of us just 6 months ago. Today, does the thought of visiting the food stalls and shops fill you with fear and...
Seema Shah
Principal Asset Management
Macro

Positioning for a recovery

Global investment markets are currently grappling with the far-reaching ramifications of Covid-19. Unsurprisingly, capital markets have been volatile, reflecting the...
Anthony Doyle
Anthony Doyle
Firetrail Investments
Macro

Risk-on sentiment prevails global markets

Risk-on sentiment prevails global markets last week – so much so that even previously neglected sectors such as financials began to attract interest. Key drivers were...
David Bassanese
Betashares
Macro

“Sorry mate, we’re full” – Odds of a V-shaped recovery rising

In the past few days, I visited shopping centres in North-West Sydney. Relishing my favourite burrito and treating myself to retail therapy aside, I wanted to gauge...
Vishal Teckchandani
Livewire Markets
Macro

Emerging market short-term risks grow…but long-term thesis intact

Longer term, we continue to see the emerging markets commanding an increasing share of the global growth pie, led by younger populations, rapidly rising middle-class...
Scott Haslem
LGT Crestone
Macro

U.S. Fed's market interventions...it now owns the recently bankrupted Hertz

The U.S. Fed's unprecedented market interventions was recently on display. If you are trying to work out why there is such a difference between Main Street and Wall...
Zach Riaz
Zach Riaz
Banyantree Investment Group
Macro

Australian growth in the spotlight

This week sees the release of Australia’s Q1 GDP data (Wednesday). We have already seen sharp falls for major economies and regions in Q1, with the relative extent of...
Scott Haslem
LGT Crestone
Macro

Using the US dollar as a trading tool

Many investors view cash as part of the defensive, and somewhat static portion of their portfolios, but in uncertain markets it might also be used as a trading tool...
Global X ETFs
Global X ETFs
Macro

Maybe more debt isn't the answer? With Jonathan Rochford

Over the past few months we have looked several times at debt crises and how they are likely to be resolved. We had Dr Hail on to talk about MMT, we featured Ray...
Damien Klassen
Nucleus Wealth
Macro

Cold War 2.0

Today in the AFR I write about the coming of Cold War 2.0 after last week's missive explaining that the only important questions right now revolve around who is...
Christopher Joye
Coolabah Capital
Macro

US jobs market is improving

US data overnight continued to signal a record drop in Q2 growth ahead after Q1’s already weak -5.0% result (revised overnight from -4.8%). Durable goods orders—a...
Scott Haslem
LGT Crestone
Macro

10 risks that could wreck markets

Central banks and governments have injected ~US$18 trillion into the financial system since February 2020 to cauterise the bleeding in economies and markets. But...
Vishal Teckchandani
Livewire Markets
Macro

Gold: The GFC vs COVID-19 and the inflation myth

Gold prices have continued their bull market run in Q2 2020, with the yellow metal trading above USD 1,700 per troy ounce. This reflects a sustained upward trajectory...
Jordan Eliseo
ABC Bullion
Macro

The inescapable truths faced by investors

Alongside the tragic human impact, COVID-19 has had a profound economic effect. The great lockdown has put an abrupt end to the longest economic expansion on record in...
Schroders Australia
Schroders
Macro

How much more are we willing to pay for sustainably sourced goods?

“We make the future sustainable when we invest in the poor, not when we insist on their suffering.” Bill Gates Here’s an interesting UBS Evidence Lab survey of...
Scott Haslem
LGT Crestone
Macro

Re-opening hopes dominate market sentiment

It was risk on again last week in global markets as seemingly encouraging COVID-19 vaccine trials got investors excited early on, before experts started to raise...
David Bassanese
Betashares
Macro

Global activity rising—but so too are some risks

“To become an extremist, hang around with people you agree with.” Cass SunsteinThe curtailment of human activity as society attempts to contain the spread...
Scott Haslem
LGT Crestone
Macro

India paves the way for sustainable growth

The Indian Stimulus package has been dubbed the largest stimulus plan seen among developing countries post COVID-19. The roll out is expected to create a self-reliant...
Rahul Chadha
Rahul Chadha
Mirae Asset Management
Macro

Rainbows, unicorns, v-shaped recoveries and other fantasies

There are a bunch of reasons to expect this recovery to be longer and more painful than the market’s V-shaped expectations. Of course, within such an environment there...
Roger Montgomery
Montgomery Investment Management
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