The Macro Brief by HSBC Global Research
Episodes
Shock to the system
27 Mar 2026
Contributed by Lukas
Janet Henry, Global Chief Economist, looks at what the unprecedented energy shock means for the economic outlook.For more content from HSBC Global Inv...
Testing emerging market resilience
20 Mar 2026
Contributed by Lukas
Murat Ulgen and Ali Cakiroglu look at whether geopolitical developments have dampened investor sentiment towards emerging market assets.For more conte...
LatAm’s moment?
13 Mar 2026
Contributed by Lukas
Joseph Incalcaterra, Daniel Lavarda and Jose Carlos Sanchez from our LatAm team look at what’s behind the pick-up in investor interest in the region...
The Middle East: energy and shipping
05 Mar 2026
Contributed by Lukas
Kim Fustier and Parash Jain look at what the Middle East conflict means for oil and gas prices, transport and logistics.For more content from HSBC Glo...
What do Europe and the weather have in common?
27 Feb 2026
Contributed by Lukas
Liz Martins, Senior UK Economist, looks at whether a pick-up in the latest data marks a turning point for Europe’s economies.For more content from H...
The USD’s struggle
20 Feb 2026
Contributed by Lukas
Paul Mackel, Global Head of FX Research, looks at what’s causing USD weakness and which currencies could stand to benefit.For more content from HSBC...
Can AI replace software?
13 Feb 2026
Contributed by Lukas
Stephen Bersey, Head of US Technology Research, looks at whether fears that artificial intelligence could upend the business modes of software vendors...
From Frankfurt to Threadneedle Street
06 Feb 2026
Contributed by Lukas
The economics team takes over the studio this week, with Chris Hare, Liz Martins and Fabio Balboni discussing the latest Bank of England and ECB meeti...
The Fed in focus
30 Jan 2026
Contributed by Lukas
Ryan Wang, US Economist, and Dhiraj Narula, US Rates Strategist, look at the key issues facing the Federal Reserve this year.For more content from HSB...
The case for emerging markets
23 Jan 2026
Contributed by Lukas
Following a standout 2025, Ali Cakiroglu, Emerging Markets Strategist, looks at the drivers for EM assets in 2026.For more content from HSBC Global In...
Global tech trends
16 Jan 2026
Contributed by Lukas
From the latest innovations to the investment strategies of big tech giants, Nicolas Cote-Colisson, Head of Global Tech Platforms Research, outlines w...
The global economy in 2026
09 Jan 2026
Contributed by Lukas
From inflation and monetary policy to trade and AI, Janet Henry, Global Chief Economist, looks at the factors set to shape the world economy this year...
Digital assets in 2026
19 Dec 2025
Contributed by Lukas
Daragh Maher, Head of Digital Assets Research, assesses the latest developments in the digital assets space and outlines what we should be looking out...
The US in 2026
12 Dec 2025
Contributed by Lukas
Our US team identifies key issues to watch in 2026 – from what the Federal Reserve will do next, to whether the AI bubble will burst, to US fiscal f...
Where next for AI?
05 Dec 2025
Contributed by Lukas
Can AI trade FX? Is the future 'agentic'? And are we seeing a bubble? Mark McDonald, Head of AI and Data Science, and Yuning Bai, Data Scientist, disc...
The UK's budget tightrope
28 Nov 2025
Contributed by Lukas
Liz Martins, Senior UK Economist, and Nick Andrews, Senior FX Strategist, talk through the key takeaways from the UK's highly anticipated budget.For m...
Top questions for currencies in 2026
21 Nov 2025
Contributed by Lukas
Paul Mackel, Global Head of FX Research, and Joseph Incalcaterra, Head of LatAm Macro Strategy, look at what's in store for the major currencies in 20...
The AI effect
14 Nov 2025
Contributed by Lukas
Shiva Joon, Data Scientist, and Duncan Toms, Multi-Asset Strategist, look at how artificial intelligence is helping to drive the stellar performance o...
The next game-changing technologies
07 Nov 2025
Contributed by Lukas
James Pomeroy, Global Economist at HSBC, looks at three technologies that could dramatically transform the economy in the longer term - humanoid robot...
Rates, shutdowns and bubbles
31 Oct 2025
Contributed by Lukas
In this US special, Ryan Wang, US Economist, and Alastair Pinder, Head EM and Global Equity Strategist, discuss the Fed’s next move, the impact of t...
Top global talking points
24 Oct 2025
Contributed by Lukas
Fresh from attending the IMF-World Bank annual meetings, Janet Henry, Murat Ulgen and Paul Mackel stop by our New York studio with updates on US resil...
Tech supremacy
17 Oct 2025
Contributed by Lukas
Sean McLoughlin, Senior Global Industrials Analyst, explains how the boom in AI and cloud computing is fuelling a reacceleration in global capital exp...
The LatAm low-down with Joseph Incalcaterra
10 Oct 2025
Contributed by Lukas
Fresh from HSBC's inaugural Brazil Forum, Head of LatAm Macro Strategy Joseph Incalcaterra joins Aline van Duyn to discuss the macro landscape across ...
Europe on a mission
03 Oct 2025
Contributed by Lukas
Simon Wells, Chief European Economist, assesses the growth outlook for the region and the contrasting fortunes of the ECB and Bank of England in their...
Market resilience amid global risks
26 Sep 2025
Contributed by Lukas
Janet Henry, Global Chief Economist, looks at how the world economy is muddling through despite substantial challenges, while Ali Cakiroglu, Emerging ...
Understanding digital money
19 Sep 2025
Contributed by Lukas
Daragh Maher, Head of Digital Assets Research, discusses which of the competing visions for digital money could become the most dominant.For more cont...
US rate cuts & spending gluts
12 Sep 2025
Contributed by Lukas
Ahead of the Federal Reserve’s September meeting, US economist Ryan Wang assesses the potential pace of interest rate cuts and the implications of t...
The UK’s perfect storm
05 Sep 2025
Contributed by Lukas
From sticky inflation to precarious public finances, Liz Martins, Senior UK Economist, assesses the UK’s financial troubles as the country looks ahe...
How AI can mitigate tariff costs
29 Aug 2025
Contributed by Lukas
Alastair Pinder, Head Global and EM Equity Strategist, looks at some surprising connections between AI and tariffs and how they are changing the way c...
Payback time?
08 Aug 2025
Contributed by Lukas
James Pomeroy, Global Economist, examines whether the frontloading of global trade in the first half of the year could unravel as new tariffs kick in....
Transatlantic tariff truce
01 Aug 2025
Contributed by Lukas
Chris Hare, Senior European Economist, and Paul Mackel, Global Head of FX Research, talk through the potential implications of the US-EU trade deal.Fo...
Pricing tariff risks
25 Jul 2025
Contributed by Lukas
With fresh US tariffs due to come into effect on 1 August, Alastair Pinder, Head EM and Global Equity Strategist, looks at how markets are pricing in ...
What bananas are telling us about the global economy
18 Jul 2025
Contributed by Lukas
Against a backdrop of continuing uncertainty, James Pomeroy, Global Economist, explains whether the latest data – and the price of bananas - provide...
The big, beautiful, US edition
11 Jul 2025
Contributed by Lukas
Ryan Wang, US Economist, talks through the latest in the US – including “phase two” of tariffs, tax cuts and deficits, and the path of rate cuts...
Guarding against complacency
04 Jul 2025
Contributed by Lukas
With global markets seemingly unruffled by recent shocks, Janet Henry and Simon Wells look at the key risks that could surprise policymakers and inves...
The A to Z of crypto
26 Jun 2025
Contributed by Lukas
Daragh Maher, Head of Digital Assets Research, demystifies the world of cryptocurrencies and looks at how digital assets could move from niche to main...
Rising risks
20 Jun 2025
Contributed by Lukas
Kim Fustier, Head of European Oil & Gas Research, and Murat Ulgen, Global Head of Emerging Markets, discuss how the conflict between Iran and Isra...
Globetrotting
13 Jun 2025
Contributed by Lukas
Janet Henry, Global Chief Economist, considers whether tariff uncertainties are starting to feed through into the latest economic data.For more conten...
Commodities, tariffs & trade
06 Jun 2025
Contributed by Lukas
Paul Bloxham, our Sydney-based Chief Economist for Australia, New Zealand and Global Commodities, drops by the London studio to discuss how tariff unc...
India’s global integration
30 May 2025
Contributed by Lukas
Pranjul Bhandari, Chief India Economist, examines India’s interconnectedness with the global economy and considers whether the redrawing of supply c...
Who owns the US?
23 May 2025
Contributed by Lukas
Alastair Pinder, Head EM and Global Equity Strategist, considers whether America is losing global investor flows following recent market volatility.&n...
Dollar distrust
16 May 2025
Contributed by Lukas
Paul Mackel, Global Head of FX Research, examines the changing drivers of the US dollar and its prospects going forward. For more content from HS...
Getting Germany going
09 May 2025
Contributed by Lukas
German economists Stefan Schilbe and Anja Heimann consider whether a policy reboot – including a huge fiscal package – could help get Europe’s l...
Looking for good news in the UK
02 May 2025
Contributed by Lukas
With the UK facing a long list of economics challenges, Liz Martins, Senior UK Economist, considers whether there is any light at the end of the tunne...
Going for gold
25 Apr 2025
Contributed by Lukas
James Steel, Chief Precious Metals Analyst, looks at what’s behind gold’s surge to record highs and considers where prices could go from here.For ...
Tariffs take their toll
18 Apr 2025
Contributed by Lukas
Janet Henry, Global Chief Economist, and Simon Wells, Chief European Economist, assess how US tariffs and heightened uncertainty could affect growth, ...
Assessing the tariff turmoil
10 Apr 2025
Contributed by Lukas
Janet Henry, Chief Global Economist, and Murat Ulgen, Global Head of Emerging Markets Research, examine the fallout from US tariffs and how policymake...
Turning up the tariffs
04 Apr 2025
Contributed by Lukas
Shanella Rajanayagam, Paul Mackel and Simon Wells discuss the implications of the latest US tariff announcements for trade, currencies and Europe’s ...
Talking points from the HSBC Global Investment Summit
28 Mar 2025
Contributed by Lukas
From trade and policy priorities to new growth opportunities, Janet Henry, Global Chief Economist, and Fred Neumann, Chief Asia Economist, join Piers ...
How well do you understand AI?
21 Mar 2025
Contributed by Lukas
Mark McDonald, Head of Data Science and Analytics, picks apart some of the most common misconceptions about artificial intelligence that frequently co...
Shifting market narratives
14 Mar 2025
Contributed by Lukas
We look at what’s behind the recent moves in the stock and bond markets with Alastair Pinder, Head EM and Global Equity Strategist, and Steven Major...
All about Asia
07 Mar 2025
Contributed by Lukas
From tariffs to demographics to growth, we catch up with Fred Neumann, Chief Asia Economist, to discuss the issues facing the region’s economies.For...
Currency asymmetry
28 Feb 2025
Contributed by Lukas
Daragh Maher, Senior FX Strategist, explains what continued trade policy uncertainty means for the world’s major currencies.For more content from HS...
Europe and tariffs
21 Feb 2025
Contributed by Lukas
Chris Hare looks at the possible impact of US tariffs on European growth and inflation, and assesses the challenges facing the German economy ahead th...
The UK’s growth problem
14 Feb 2025
Contributed by Lukas
Liz Martins and Nick Andrews assess the prospects for the UK economy and sterling against a backdrop of weak growth and sticky inflation.For more cont...
Tariff turbulence
04 Feb 2025
Contributed by Lukas
Shanella Rajanayagam, Fred Neumann and Daragh Maher assess the sweeping new tariffs announced by the Trump administration and what they mean for the e...
Is Europe past ‘peak pessimism’?
31 Jan 2025
Contributed by Lukas
Simon Wells, Chief European Economist, considers whether the region’s economy has turned a corner and assesses the diverging paths between the ECB a...
Bracing for tariffs
24 Jan 2025
Contributed by Lukas
With President Trump back in the White House, Janet Henry, Shanella Rajanayagam and Jing Liu assess what the US’s trade agenda could mean for China ...
Oil’s tug-of-war
17 Jan 2025
Contributed by Lukas
Kim Fustier, Head of European Oil and Gas Research, assesses the competing supply and demand factors impacting the oil markets and what they could mea...
Putting AI through its paces
10 Jan 2025
Contributed by Lukas
Mark McDonald, Head of Data Science and Analytics, examines the latest applications for AI - from analysing speeches to hosting podcasts.For more cont...
Our 2025 global economic outlook
20 Dec 2024
Contributed by Lukas
Janet Henry, Chief Global Economist, weighs up the impact of widely anticipated fiscal policy shifts on growth and inflation, and the challenges for t...
Why investors are turning more cautious on EM assets
13 Dec 2024
Contributed by Lukas
Murat Ulgen, Global Head of Emerging Markets Research, talks with Piers Butler about the concerns of emerging market investors as they head into 2025....
The cyber safety net
06 Dec 2024
Contributed by Lukas
With cyber attacks becoming more frequent and sophisticated, Stephen Bersey, Head of US Technology Research, assesses the fast-growing cybersecurity s...
The dollar bubble inflates
29 Nov 2024
Contributed by Lukas
Paul Mackel, Global Head of FX Research, explains why we think the US dollar has scope to strengthen even further and what it means for other G10 curr...
Earnings learnings
22 Nov 2024
Contributed by Lukas
Mark McDonald, Head of Data Science and Analytics, outlines what our AI-driven analysis of earnings call transcripts tells us about the key themes in ...
Europe's opportunities
15 Nov 2024
Contributed by Lukas
With Europe’s economy having lagged the US’s for decades, Simon Wells, Chief European Economist, explains why there are reasons to be more optimis...
Global hot topics
01 Nov 2024
Contributed by Lukas
Fresh from attending the IMF-World Bank annual meetings, Janet Henry, Fred Neumann, Paul Mackel and Murat Ulgen discuss the key questions facing the g...
Climate conversations with UK corporates
25 Oct 2024
Contributed by Lukas
James Rydge, Head of ESG Research in EMEA, gives an insight into his discussions with UK companies about how they are trying to achieve their climate ...
Oil price pressures
18 Oct 2024
Contributed by Lukas
With oil markets caught between long-term market imbalances and political risks, Kim Fustier and Simon Williams examine the outlook for prices, and wh...
The gold rush
11 Oct 2024
Contributed by Lukas
James Steel, Chief Precious Metals Analyst, puts gold’s surge to record price levels in a historical context and considers whether the rally is like...
Emerging markets get a boost
04 Oct 2024
Contributed by Lukas
Murat Ulgen, Global Head of Emerging Markets Research, considers the impact of Fed rate cuts and China’s stimulus package on EM assets and outlines ...
Our global outlook at the tail end of '24
27 Sep 2024
Contributed by Lukas
Piers Butler is joined by Global Chief Economist Janet Henry for a catch-up on the world's top macro talking points as we enter the final quarter of t...
The Fed goes big
20 Sep 2024
Contributed by Lukas
We look at what the Federal Reserve’s 50 basis point rate cut could mean for the path of future rates, the US economy and global equity markets with...
The ECB’s hawkish cut
13 Sep 2024
Contributed by Lukas
We catch up with Fabio Balboni, Senior European Economist, to discuss the latest ECB rate cut and the prospects for further policy easing.For more con...
Counting down to cuts
30 Aug 2024
Contributed by Lukas
With investors' attention turning towards the global major central banks, we assess potential Federal Reserve, ECB and Bank of England tightening cycl...
After the sell-off
08 Aug 2024
Contributed by Lukas
We examine what caused this week’s market volatility, ask whether we are through the worst, and take a cross-asset look at where we go from here.For...
Summer sustainability
02 Aug 2024
Contributed by Lukas
We catch up with our ESG team to look at some of the less obvious places where sustainability issues could arise - from beer to music festivals.For mo...
How to price emerging markets
26 Jul 2024
Contributed by Lukas
Murat Ulgen, Global Head of Emerging Markets Research, examines whether investors are right to be upbeat on the prospects for EM risk assets.For more ...
What's driving bonds?
19 Jul 2024
Contributed by Lukas
Steven Major, Global Head of Fixed Income Research, explains how both cyclical and secular forces contribute to the outlook for the bond market.For mo...
Climate risks in the G20
12 Jul 2024
Contributed by Lukas
James Rydge, Head of ESG Research, EMEA, assesses the rise of physical climate impacts across the G20 countries and whether they are prepared for the ...
Global economic update
28 Jun 2024
Contributed by Lukas
Janet Henry, Global Chief Economist, assesses whether the world economy can keep dodging the dangers in the second half of the year.For more content f...
A conversation about currencies
21 Jun 2024
Contributed by Lukas
We catch up with Paul Mackel, Global Head of FX Research, to find out how the latest financial and political developments are affecting the major curr...
European election fever
14 Jun 2024
Contributed by Lukas
European economists Simon Wells and Chantana Sam discuss new risks from election results in Europe and upcoming votes in France.For more content from ...
The ECB moves ahead of the Fed
07 Jun 2024
Contributed by Lukas
With the ECB cutting rates before the Fed for the first time in history, Fabio Balboni, Senior European Economist, and Ryan Wang, US Economist, assess...
The good, the bad and the ugly of AI
31 May 2024
Contributed by Lukas
James Pomeroy, Global Economist, discusses the likely impact of artificial intelligence - including what it could mean for productivity, jobs, and eme...
The UK gears up for an election
24 May 2024
Contributed by Lukas
With a general election now set for 4 July, Simon Wells, Chief European Economist, assesses the key challenges facing the incoming government.For more...
Europe’s gas turnaround
17 May 2024
Contributed by Lukas
Kim Fustier, Head of European Oil & Gas Research, explains why there has been a striking shift in the region’s gas markets.For more content from...
Gold's surprising surge
10 May 2024
Contributed by Lukas
With gold prices recently hitting new highs, James Steel, Chief Precious Metals Analyst, looks at the unusual reasons behind the rally and whether it ...
Funding the Future
03 May 2024
Contributed by Lukas
Mark McDonald, Head of Data Science and Analytics at HSBC, outlines the findings from HSBC's inaugural Funding the Future Survey, which provides insig...
The US election and trade
26 Apr 2024
Contributed by Lukas
In this edition, Shanella Rajanayagam, Trade Economist, weighs up the risks around US trade tensions depending on who wins the presidential race.For m...
Why AI, aircons and fridges are feeling the heat
19 Apr 2024
Contributed by Lukas
In this edition, Amy Tyler and Sean McLoughlin talk about their research into the global cooling market and why the boom in artificial intelligence ma...
Two big themes at the HSBC Global Investment Summit
11 Apr 2024
Contributed by Lukas
China and Artificial intelligence were among the themes dominating this year’s inaugural event in Hong Kong. Jing Liu, Chief Economist for Greater C...
Has Europe turned a corner?
05 Apr 2024
Contributed by Lukas
Chris Hare, Senior European Economist, assesses the region’s prospects with inflation close to target and policymakers on the brink of cutting rates...
Ready for rate cuts?
28 Mar 2024
Contributed by Lukas
With the major central banks poised to begin their rate cutting cycles, we assess the outlook for the world economy with Janet Henry, Global Chief Eco...
Shifting supply chains
22 Mar 2024
Contributed by Lukas
Shanella Rajanayagam, Trade Economist, looks at how supply chains are reconfiguring globally and assesses the extent to which countries are moving pro...
Can cities absorb a billion people?
15 Mar 2024
Contributed by Lukas
With urban populations set to rise dramatically over the next decade, James Pomeroy, Global Economist, looks at what cities need to do to unlock their...
The UK’s narrow margins
08 Mar 2024
Contributed by Lukas
Simon Wells, Chief European Economist, assesses the state of the UK’s public finances following this week’s highly anticipated budget.For more con...
AI: risks, rewards and regulations
01 Mar 2024
Contributed by Lukas
We look at whether artificial intelligence can outperform human analysis of big data, what it might bring to the field of weather forecasting, and wha...
Countdown to the US elections
23 Feb 2024
Contributed by Lukas
With November’s elections looming, we assess the state of play, key policy issues and implications for the Federal Reserve and the US dollar with Ry...
Solving the productivity puzzle
16 Feb 2024
Contributed by Lukas
Chris Hare, Senior European Economist, looks at why productivity in the UK and eurozone has lagged behind the US – and what can be done to address i...