Our three decades of experience providing independent macro research to investors underpins everything that we do at TS Lombard. We combine global macro themed and deep understanding of key countries to deliver a unique globally-consistent approach, as such our macro strategy recommendations at a regional or sector level always reflect the implications of 'big-picture' macro analysis of global themes. Unlike other researchers who specialise in a specific geography or sector, our outputs benefit from the full spectrum of knowledge from across our entire organisation,  both our macroeconomic research hub in London and our local teams across the world. This allows us to understand how events or flows at the global level will impact on individual economies and investments.

We provide confident insights into shifting global macro trends, the timing of turning points and how they will unfold at regional and country level. Our analysis is based on a deeper understanding of the implications of political and economic events and the interconnectedness of the global economy.

 

Our Approach to Macro Research

Our research team scouts the global economy for emerging macro trends and then explores how they impact individual countries and global markets. As a company, it’s in our nature to question things and look for those places where risk and opportunity may be understated or overstated. We do this by considering the fundamental building blocks of economic forecasting – sectoral balances, financial flows, and money and credit growth. Vitally, we look at these economic drivers through the frame of our global economic, policy, and political knowledge, which is outside the range of vision of many forecasters. We also build proprietary models and processes to monitor global leading indicators, macroeconomic indicators and financial flows.

This allows us to deliver actionable, courageous views that takes the full macro picture into consideration.

 

Our Services

Our macroeconomic research expertise underpins all of our three research services: Global Macro, China and Global EMs and Global Strategy.

Our Track Record

We take great pride in our 30 year track record of macro research and global macro strategy, and we believe that our past calls speak for themselves.

Recent Research Examples

Macro Research
01 Apr 2021

UnlockNot just Tesla: "Great power" rivalry remaps the future of cars

As the global EV race fires up in a new era of US-China rivalry, the logical upshot is a decoupling of complex auto supply chains ahead. This trend will not only be self-reinforcing but accelerate as self-driving tech (AV) advances, sparking new national security risks ahead. 

READ ME
Macro Research
26 Mar 2021

UnlockUS recession is over - backwards won't be the way forward

The “non-Covid” recession ended late summer, timed, in part, by the November peak for the number of unemployed not on temporary layoff. What we call the non-Covid recession is simply the downturn that created job losses other than the temporary ones from forced shutdowns – temporary accounted for, by far, biggest number of unemployed in this cycle. 

READ ME
Macro Research
29 Mar 2021

UnlockWhy markets fear inflation

Secular reflation might allow Main Street and Wall Street to coexist. Counter-cyclical inflation is the killer – it can flip asset correlations. But it’s hard to imagine a scary ‘70s scenario, especially short term.

READ ME
Macro Research
12 Mar 2021

UnlockSecular turning point in inflation?

These days, economists tend to assess monetary policy relative to some deep underlying interest rate (the “equilibrium rate”, or r*) which depends on structural forces and is largely beyond the control of central banks. Slow-moving secular shifts in demographics, technology and globalization will alter the balance between savings and investment, causing this equilibrium interest rate to move around over time.

READ ME

Our Global Macro team

Chief Economist
Charles Dumas, Chief Economist, Macro Thought Leader

Charles Dumas

Show Profile
Chief EM Economist
Lawrence Brainard, Chief EM Economist, Macro Thought Leader

Larry Brainard

Show Profile
Chief US Economist
Steven Blitz, Chief US Economist, Macro Thought Leader

Steven Blitz

Show Profile
Chief China Economist
Bo Zhuang, Chief China Economist, Macro Thought Leader

Bo Zhuang

Show Profile
MD, Global Macro
Dario Perkins, Global Macro Thought Leader

Dario Perkins

Show Profile
MD, Global Macro
Shweta Singh, Global Macro Thought Leader

Shweta Singh

Show Profile
Senior Economist
Konstantinos Venetis, Macroeconomic analyst

Konstantinos Venetis

Show Profile
Senior Analyst, India
Shumita Sharma Deveshwar, Macroeconomic analyst, India

Shumita Sharma Deveshwar

Show Profile
Senior Economist, Europe
Davide Oneglia, Macroeconomic analyst, Europe

Davide Oneglia

Show Profile
Analyst, Russia
Madina Khrustaleva, Macroeconomic analyst, Russia

Madina Khrustaleva

Show Profile
Economist, China
Rory Green-3

Rory Green

Show Profile
Analyst, Brazil
Wilson Ferrarezi, Macroeconomic analyst, Brazil

Wilson Ferrarezi

Show Profile
Analyst, South East Asia
Krzysztof Halladin, Macroeconomic analyst, S.E. Asia

Krzysztof Halladin

Show Profile
GEOPOLITICS

Politics and government policy are increasingly significant macro strategy drivers, and our world-wide team of geopolitical analysts are able to provide critical, timely insights into political shocks and policy developments that will influence macroeconomic investment performance - both regionally and globally.

FIND OUT MORE
INVESTMENT STRATEGY

Using the wealth of macroeconomic and geopolitical insights at our disposal, our team of macro strategists are able to provide actionable, unbiased implications for global markets, including asset allocation, investment positioning and cross asset portfolio risk management.

FIND OUT MORE