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Executive Summary Crude Oil Prices Will Remain High  The EU embargo on Russian seaborne oil imports will tighten global crude oil and refined-product markets further.  Pipeline imports are due to phase out by year-end.…
Executive Summary EU Embargoes Russian Oil  The EU imposed an embargo on 90% of Russian oil imports, which will provoke retaliation. Russia will squeeze Europe’s economy ahead of critical negotiations over the coming 6-…
Listen to a short summary of this report.       Executive Summary Recession Checklist  US stocks were down almost 20% at their lowest point in May. Any lower and they would be pricing in recession.…
Executive Summary Inflationary Pressures To Fade  The biggest problem for the European economy is surging inflation. Inflation has eroded household real disposable income and is hurting consumption. Inflation is set to…
Listen to a short summary of this report.         Executive Summary The US Inflation Surprise Index Has Rolled Over  Global equities are nearing a bottom and will rally over the coming months as…
Executive Summary Loss Of Russian Production Will Lift Brent  With German imports of Russian oil close to 10% of its total requirements – following an impressive decline from 35% pre-invasion – we expect the EU to…
Special Report Executive SummaryIn this report, we look at recent macroeconomic developments through the lens of the business cycle, inflation, and Treasury yield regimes to select winning sectors and styles.The US economy is currently in the slowdown…
Special Report Executive Summary Europe's Largest Import Bill: Oil  The EU crossed the Rubicon this week, proposing to eliminate Russian oil imports within six months. The speed of putting the sanctions into effect, and Russia’s…
Executive Summary German GeoRisk Indicator  Russia and Germany have begun cutting off each other’s energy in a major escalation of strategic tensions. The odds of Finland and Sweden joining NATO have shot up. A halt…
Special Report Dear Client, This week, we present our inaugural report on ESG investing and the global energy transition. Henceforth, we will be publishing this research on the last Thursday of every month. Our principal ESG focus will be on the…