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
16 Dec 2021

Unlock2022 and beyond: Clues from past crises

COVID-19 has caused huge dislocations in the economy. These distortions – not the business cycle – have driven macro outcomes (including high inflation). We look to history as a guide for what happens next.

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Macro Research
09 Dec 2021

UnlockFirst Fed hike in March - it's not about current inflation

March will mark the first Fed rate hike, sooner than the June timing I recently shifted to, and much sooner than the original Q4 call made in November 2020. 

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Macro Research
10 Dec 2021

UnlockECB: Channeling negative energy

The key to the ECB policy trajectory is the medium-term outlook for growth and inflation, but exiting emergency accommodation without turmoil in peripheral spreads is a very difficult balancing act.

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Macro Research
07 Dec 2021

UnlockChina stimulus shifts gear and creates new "defensives"

Beijing is shifting gears, moving from marginal easing to broader stimulus measures. As forecast, the Sixth Plenum has proved a turning point: after the elite political gathering, the PBoC signalled a dovish turn and announced a 50bps RRR reduction.

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Our Global Macro team

Chief Economist
Charles Dumas, Chief Economist, Macro Thought Leader

Charles Dumas

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Head of Macro Research
Freya Beamish (colourised)-1

Freya Beamish

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

Larry Brainard

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

Steven Blitz

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MD, Global Macro
Dario Perkins, Global Macro Thought Leader

Dario Perkins

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MD, Global Macro
Shweta Singh, Global Macro Thought Leader

Shweta Singh

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Senior Economist
Konstantinos Venetis, Macroeconomic analyst

Konstantinos Venetis

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

Shumita Sharma Deveshwar

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Senior Economist, Europe
Davide Oneglia, Macroeconomic analyst, Europe

Davide Oneglia

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Analyst, Russia
Madina Khrustaleva, Macroeconomic analyst, Russia

Madina Khrustaleva

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Economist, China
Rory Green-3

Rory Green

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Analyst, Brazil
Wilson Ferrarezi, Macroeconomic analyst, Brazil

Wilson Ferrarezi

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

Krzysztof Halladin

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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.

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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.

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