16/04/2024 Portfolio Strategy Gold: “Things are now in motion that cannot be undone…” Gold has surged by around +30% since autumn 2023, with peaks that were not easily tied to specific events. Various factors have contributed to this rise,...
10/10/2023 Economy & Markets Macroeconomic and financial market forecasts - October 2023 Macroeconomics forecasts
10/10/2023 Economy & Markets Macroeconomics, Geopolitics, and Strategy - October 2023 Inflation has been on a declining path in advanced countries, albeit with some stickiness in services inflation
10/10/2023 Economy & Markets Limited hit from energy price rise on US consumption so far The impact of energy on the US economy has declined over the last three decades, but a series of shocks since the pandemic and a +30% price surge since...
27/04/2022 Geopolitics War and Net Zero offer opportunities across the commodity universe Understanding the role that commodities could play in portfolio diversification under a regime of high and persistent inflation.
21/04/2022 Economy & Markets The energy crisis heightens inflation fears - Strategies to protect portfolios from inflation risk The presentation provides insights into how the current war/energy crisis is exacerbating the already high inflation. The material also details what strategies...
25/03/2022 Geopolitics A more fragmented Emerging Markets world amid the Russia-Ukraine crisis The economic impact stemming from the crisis will be uneven across countries, with some economies potentially benefitting from the commodity boost and...
11/03/2022 Geopolitics Russia-Ukraine: a lot of bad news already priced in, but the outlook is deteriorating We expect inflation to trend higher across emerging and developed markets and growth to be lower than initially expected, with higher risks for Europe...
7/03/2022 Geopolitics Russia-Ukraine: an uncertain outcome calls for higher focus on liquidity There are multiple scenarios for the continuation of the crisis. What is certain is that volatility will persist and real interest rates will remain in...
1/02/2022 Geopolitics Russia-Ukraine tensions: geopolitical risk adds volatility to risk assets Understanding recent tensions between Russia and Ukraine, as well as the implications on the economy and potential geopolitical and investment consequences.
13/01/2022 Geopolitics Kazakhstan: low impact for asset prices, but a wakeup call for geopolitical risk Understanding recent turmoil in Kazakhstan and its evolution, as well as the implications on its economy and potential geopolitical consequences in the...
14/06/2013 Asset Pricing & Behavioural Finance Cross-Hedging of Inflation Derivatives on Commodities: The Informational Content of Futures Markets According to the macro-econometric literature, the impact of exogenous oil price shocks on Inflation have greatly increased in the last two decades throughout...
15/04/2012 Portfolio Allocation An Inflation Hedging Strategy with Commodities: A Core Driven Global Macro Recent academic studies have shown that since the mid-nineties, the pass-through of exogenous oil shocks into headline inflation has been increasing while...