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Summary We expect macro headwinds will continue to pressure U.S. corporate earnings in the coming months. We expect earnings expectations to decline as multinational firms realize foreign exchange headwinds that accelerated over the past year. Investors can avoid undue interna...
Summary One of the key points I’ve been discussing for the past two years is that the commodity markets are facing a unique set of policy-driven imbalances. When it comes to shortages across the fossil fuel space, the multi-year low in oil inventories has been only temporar...
Summary On 16 August 2022, President Joe Biden signed into law the IRA. The COVID-19-related global supply chain disruptions, extreme weather events, rising inflation, and the Russia-Ukraine crisis have pushed the cost of capital to record highs. Meanwhile, in China, surging c...
Summary Global refined oil product markets are on track to remain tight until mid-decade, with the global downstream industry facing significant near-, medium- and long-term challenges. S&P Global Commodity Insights forecasts that there are no quick fixes for the forces at pla...
Summary The energy market has certainly had a very positive year so far. FTSE All World Oil, Gas & Coal is up 20% YTD (to end August), 39% ahead of the broader FTSE All World Equity Index. Looking more broadly across asset classes, whilst energy equities were strong (and less ...
Summary The California legislature recently passed a series of bills, signed into law by Governor Gavin Newsom on 16 September, that should have meaningful effects on environmental policies and the green energy transition. While this legislative package is meaningful for many indu...
Summary It is not clear what a new market design would look like, but many politicians have called for price caps, albeit in many different forms. The merit order ensures that the cheapest technologies enter the market first but implies that the price is set by the most expensive ...
Summary Although consumers are benefiting from robust labor markets and strong balance sheets, they appear reluctant to buy high-cost durable goods. A key to navigating inflation risk is understanding its relationship with asset class returns. Historically, high-inflation episodes...
Summary The first half of the year saw GDP contract slightly and GDI expand slightly, and I interpret that as little to no growth. The money market futures I follow and the market based models I track all put the peak in rates somewhere between March and June of next year. I d...
Summary Core CPI, excludes food and energy, rose from July's year-over-year reading of 5.9% to a YoY rate of 6.3% in August. FedEx reported dismal earnings on Friday sending the stock down 21%. A large part of the economic data seems to be indicating the economy is slowing. ...