JODI Energy Demand Monitor JODI Energy Demand Monitor JODI data on global oil and natural gas consumption paint a nuanced picture of global energy demand. While oil demand growth slowed towards the end of last year, consumption of natural gas was... 29th January 2024 · 4 mins read
FX Markets Weekly Wrap Dollar rally takes a breather ahead of Fed and key US data The US dollar seems set to remain within a tight range against most major currencies this week. At face value, the stronger-than-expected GDP data out of the US might point to a return to “higher for... 26th January 2024 · 5 mins read
Commodities Weekly China metals demand; EU weighing Russia metals ban It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk... 26th January 2024 · 4 mins read
Asset Allocation Update Will energy equities ever recover? The stock prices of companies in the energy sector (mostly oil & gas firms) have largely underperformed the rest of the stock market recently, and we doubt they’ll do much better in the foreseeable... 26th January 2024 · 4 mins read
Industrial Metals Update Global Steel Production (Dec. & 2023) Global steel production reportedly stagnated last year. We think it probably will again in 2024 as a drop in production in China should offset increasing output by most other producers. 25th January 2024 · 2 mins read
Industrial Metals Update Real metals prices are high and have further to rise Compared to their pre-pandemic averages, metals prices are high even after adjusting for inflation. We think that as green transition-related demand increases and monetary easing gets underway, real... 25th January 2024 · 4 mins read
Global Economics Global Economics Shipping Chart Pack (Jan. 2024) This is a special Global Economics Chart Pack that provides clients with key analysis to make sense of the macro and market impact of the disruptions to maritime shipping. The charts in this document... 25th January 2024 · 1 min read
Global Economics Update PMIs suggest price pressures remain elevated January’s flash PMI surveys suggest that GDP growth in advanced economies ticked up from a very weak pace at the start of 2024. And with price pressures still strong, central banks will probably... 24th January 2024 · 3 mins read
Global Economics Update Are central banks’ hawkish tones to be believed? Central banks will probably continue to push back on expectations of rate cuts at their scheduled policy announcements in the coming weeks. But with inflation and wage pressures clearly moderating, we... 23rd January 2024 · 5 mins read
Industrial Metals Update Global Aluminium Production (Dec. & 2023) Global aluminium production growth slowed to 2.3% in 2023 from 2.9% in 2022. We think softening output growth in China will cause global growth to fall back again this year. 22nd January 2024 · 2 mins read
FX Markets Weekly Wrap Dollar grinds higher alongside rising equities and UST yields The US dollar’s rebound has gained momentum this week amid hawkish rhetoric from Fed officials and more evidence out of the US – notably retail sales and jobless claims – of continued resilience in... 19th January 2024 · 5 mins read
Industrial Metals Update Green demand to spur copper price gains in 2024 After a subdued 2023, we think the copper price will fare much better this year. We expect supply growth to moderate, while demand growth will be bolstered by the green transition. 19th January 2024 · 3 mins read
Energy Update Energy prices are not that high in real terms Energy prices seem historically high at first glance. However, that is not strictly the case. After adjusting for inflation, oil and US natural gas prices are already at or below pre-pandemic levels... 19th January 2024 · 3 mins read
Asset Allocation Update The impact of AI on non-US stock markets While we think that enthusiasm around Artificial Intelligence (AI) will mean that equities in the US keep outperforming this year, we see scope for equities in the rest of the world to fare quite well... 19th January 2024 · 4 mins read