This edition of Macro Trends explores how China’s export economy is shifting up the value chain, driven by years of industrial policy and investment in advanced manufacturing. The analysis examines the rise of semiconductors, electric vehicles, and high-tech exports, alongside the growing role of ASEAN in reshaping regional supply chains and trade flows.
This edition of Macro Trends examines how a new El Niño cycle could reshape the global macro landscape through its effects on agriculture, commodity markets, trade flows, inflation, and fiscal stability. The chart pack explores the climate signals pointing to renewed Pacific warming, the economies most exposed to weather-related disruption, and the transmission channels through which El Niño affects growth and prices. From agricultural dependence and food inflation risk to commodity market performance and export vulnerability, the edition highlights why climate variability remains an increasingly important macroeconomic force for investors and policymakers alike.
This edition of Macro Trends explores how the global dollar system is being tested - from shifting reserve allocation and FX positioning to policy credibility, carry dynamics and real-rate divergence across major economies. This edition examines whether de-dollarization is becoming a structural macro force or remains a gradual evolution, tracking the pressures reshaping USD demand, reserve currency dynamics and cross-border capital flows. Through FX carry, reserve composition, Taylor Rule gaps and speculative positioning, the chart pack helps investors assess what a slower-moving transition could mean for currencies, rates and the broader global macro landscape.
Macro Trends explores how Powell’s Fed reshaped the modern macro landscape—tracking how repeated shocks, from COVID-era intervention to inflation-driven tightening, transformed rates, labor markets, Treasury markets and policy credibility. By examining Powell’s tenure through shifting Fed frameworks, balance sheet expansion and the repricing of inflation risk, this edition helps investors navigate a new era of monetary policy, market structure and macro uncertainty.
Macro Trends explores how today’s global energy shock is reshaping inflation risks, oil markets and macro resilience - tracking how the Iran crisis, extreme crude volatility and shifting U.S. energy independence are feeding through global markets, policy expectations and cross-asset dynamics to help investors navigate a more volatile macro landscape.
Macro Trends explores how China's growth reset, policy shifts, and strategic industrial push are reshaping global trade, capital flows, and cross-asset dynamic - helping investors navigate an evolving macro landscape.
