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Podcast

Populism, higher rates and AI: How the market cycle is shaping up

What does the “market balance sheet” for US equities look like? Jason Trennert, Chairman and Chief Executive Officer of Strategas Research Partners, weighs up the key assets and liabilities for investors today, from powerful earnings growth and AI-driven productivity gains to the headwinds from inflation, higher rates and geopolitics. Jason also explains why themes such as populism, deglobalisation and rising defence spending may keep underlying inflation and long-term interest rates higher than many investors expect – and what that could mean for assets. Plus, there is a look ahead to the coming wave of mega-cap initial public offerings, including SpaceX, and explore how these listings might affect global equity markets and the dominance of the US in world indices.

13 mai 2026

Macro

Making sense of the market bounce

Welcome to the May edition of InView: Monthly Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

07 mai 2026
Read time: 10 mins

Macro

The asymmetries of the Strait of Hormuz blockade

The Strait of Hormuz has been effectively closed to commercial traffic for nearly two months. Financial markets have focused mainly on the shortage of energy products, but the crisis is also disrupting the supply of other critical commodities. In this Macro Flash Note, Senior Economist and Strategist GianLuigi Mandruzzato considers the sectors most affected by the crisis in the Persian Gulf and how its impact differs across major economic areas.

30 avril 2026
Read time: 3 mins

Macro

The Swiss innovation advantage that most investors miss

For decades, global capital overwhelmingly favoured US assets. However, President Trump’s "America First" policies have triggered a rethink of global capital allocation – accelerating the transition to a less stable, multipolar world that is less reliant on the US dollar. In this edition of Infocus, Senior Economist and Strategist GianLuigi Mandruzzato and Head of Swiss Equities Damian Burkhardt turn the spotlight on Switzerland as the world’s leading innovation powerhouse.

16 avril 2026
Read time: 5 mins

Podcast

Moz down under part 2: Opportunities in New Zealand

Continuing his trip down under, Moz Afzal crossed over to Auckland to sit down with Andrew Kelleher, Director at Shaw and Partners New Zealand. Together they discuss the structure and outlook for the New Zealand economy, the behaviour of the Kiwi dollar, and the country’s long-term prospects. Andrew also explores the evolution of New Zealand’s investment services industry, as well as his unconventional path from archaeology into financial markets.