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
27 Apr 2022

UnlockEquities and US growth - household vulnerability by age group

Sustained weak equities embed weak consumer spending by year’s end. Households likely have a higher cost basis than they did in 2000. Is the golden era of Fed-controlled equity markets coming to an end? READ ME
Macro Research
25 Apr 2022

UnlockDouble squeeze of profits - in charts

Profits are facing a double squeeze from slowing growth and high inflation. While revenues are still growing rapidly, net income has started to fall. Margins will remain under significant pressure in Q2 2022. READ ME
Macro Research
26 Apr 2022

UnlockCommodity bull needs a breather as the spotlight shifts to demand

Deficient supply is bound to keep fundamental balances tight for the foreseeable future even as global demand cools. But the mix of a slowing industrial cycle with CNY weakness, Fed tightening and fragile investor sentiment raises downside risks. 

READ ME
Macro Research
19 Apr 2022

UnlockGet ready for the super-charging of US-China decoupling

Five pathways to hasten US-China decoupling are gaining traction in Washington, with major advances likely over the next three to 18 months. The EU is set to follow by mid-decade, spurred by surging Chinese electric vehicle (EV) exports that will fan the flames of local protectionism. 

READ ME

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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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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