global macro

Short-term events have been put under the microscope recently. Conflict, supply-chain shortages and inflation have all contributed to inevitable rate hikes and rampant...

At the latest Crestone Investment Forum, held on 22 February 2022, we asked panelists to share their views on the likely path of markets and the global economy in...

It was another poor week for global equities, with the U.S. S&P 500 down 2.9% and on the cusp of breaking to a new low in the correction to date. Confirmation that the...

Given the enormity of Russia’s decision to invade Ukraine, this note provides a short update on the potential market implications.Keeping in mind that the situation...

Markets have had a rocky start to the year, with expensive growth stocks bearing the brunt of selling. Key to this has been an aggressive repricing of rate hike...

Financial repression has been used in the past as a tool for reducing government debt overhangs. Yet there are some specific conditions required for such an approach...

Almost every other week, it seems, another Australian large-cap stock is implicated in M&A activity. In some cases, such companies ultimately disappear from the ASX...

The nature of how r-star (r*) is calculated makes it a useful concept for evaluating the stance of monetary policy and assessing longer-term asset values. The only...

Misguided assumptions plague the fixed income universe. Many investors avoid the space because they believe it either doesn’t offer attractive returns or because some...

Stagflation has become a hotly debated topic as inflation expectations rise and growth expectations fall. Stagflation, a hybrid of stagnating growth and rising...

A few weeks back we wrote on the escalating situation in China and the risk of default in the largest and most leveraged developer, Evergrande - Bumpy road ahead for...

The potential for a slowdown in the world’s two largest economies is feeding concerns that global growth may have peaked Both countries are also facing another wave...

Last year brought fiscal stimulus to the world's economy at a scale never seen before. In Australia alone, the government spent $257 billion in direct economic...

Google searches for “inflation” are higher now than at any time since such things were first measured around 13 years ago. It’s partly a natural reaction to the...

The mother of all “unknown unknowns” (to borrow some tortured phrasing from former US Defense Secretary Donald Rumsfeld, who passed away on Friday) hit the world a...

Factor investing aims to target quantifiable metrics that can explain differences in security returns. At a high level, these factors are broadly influenced by general...

Fixed-income investors have plenty of reasons for optimism despite credit assets’ historically high prices and stimulatory tailwinds that are almost blown out, says...

Given inflation is the most prominent theme in global investment markets, I wanted to provide some thought and insight into what the various outcomes of inflation...

The local market followed the US market again with a positive start that faded to a mainly flat close. After more than nine weeks without a turnover above $9 billion,...

Last month we presented our views on the reflation trade and potential impacts on credit returns, concluding that the strong recovery in Australian economic growth...