Highlights Rising CO2 emissions on the back of stronger global energy growth this year will keep energy markets focused on expanding ESG risks in the buildout of renewable generation via metals mining (Chart of the Week). …
UK retail sales surged in March, which indicates that the domestic demand recovery is taking shape. Retail sales including auto fuel accelerated 5.4% m/m, surprising expectations of a deceleration to 1.5% m/m from a revised 2.…
The UK jobs report showed tentative signs of stabilization in the British labor market in March. Jobless claims rose by 10.1 thousand versus a revised 67.3 thousand increase in the prior month, and the claimant rate remained flat…
Highlights Stronger global growth in the wake of continued and expected fiscal and monetary stimulus, and progress against COVID-19 are boosting oil demand assumptions by the major data suppliers for this year. We lifted our…
Highlights Global Inflation: The case for maintaining a strategic overall allocation to inflation-linked bonds (ILBs) versus nominal government debt in dedicated global fixed income portfolios remains intact. Global growth expectations…
Highlights Q1/2021 Performance Breakdown: Our recommended model bond portfolio outperformed the custom benchmark index by +55bps during the first quarter of the year. Winners & Losers: The government bond side of the portfolio…
Highlights The Biden Administration's $2.25 trillion infrastructure plan rolled out yesterday will, at the margin, boost global demand for energy and base metals more than expected later this year and next. Global GDP growth…
Highlights Central Bank Expectations: Market expectations of short-term interest rate moves over the next few years are inching higher. The potential for markets to offer a greater bond-bearish challenge to the current highly dovish…
The UK Lloyds Bank Business Barometer jumped to a pandemic high of 15 in March from 2 in February, reflecting greater optimism about both the current economic situation as well as the 12-month outlook for business activity. This…
At first glance, the headline job numbers out of the UK were disappointing. Jobless claims increased by nearly 87 thousand and the claimant rate increased to 7.5% from 7.2%. Moreover, on a three-month basis, the UK lost 147…