Japan: A window for optimism

A window for optimism has now opened in Japan, and the Bank of Japan has started to tighten policy for the first time since 2007.

US labour market: Finely balanced

The US labour market has proved remarkably resilient in this cycle, but the demand and supply of labour appears finely balanced and at risk of tipping into recessionary conditions.

Tariffs and Trade Wars – Implications of a Second Trump Presidency

We explore how a more restrictive trade regime under a second Trump presidency could affect the US, its trading partners and the US dollar.

Global Macro Research: Asset allocation in focus

We outline the asset allocation framework that lies at the heart of our multi-asset investment process.

The resurgence of Southern Europe

30 May 2024

We believe the economic outperformance of Southern European countries relative to countries such as Germany should continue for some years to come.