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Global Macro

Private Equity Exits Remain Muted Despite Market Highs, Prompting Focus on Secondary Deals

Despite public equity markets reaching record highs and improving economic outlooks, private equity (PE) exit activity remains surprisingly subdued, prompting investors to turn towards the secondary market for liquidity. A recent report from JPMorgan highlights this trend, raising questions about the future of PE exits. "Muted exit activity has

High Gas Inventory Levels Point to Easing Market Fundamentals: IEA

Following a mild winter with subdued demand, gas storage facilities in both the European Union and the United States have concluded the 2023/24 heating season with inventory levels significantly exceeding their five-year averages. This surplus is anticipated to reduce injection demand during the summer months, potentially leading to a
High Gas Inventory Levels Point to Easing Market Fundamentals: IEA

IEA Forecasts 2.3% Growth in Global Gas Demand, Driven by Asian Markets

Following a period of relative stability in natural gas markets during the mild 2023/24 winter, the International Energy Agency (IEA) predicts a 2.3% increase in global gas demand for 2024. This growth will be primarily driven by the expanding economies of Asia, with industrial and residential/commercial sectors

Market Pessimism Premature and Overdone: UBS

Despite recent market turbulence triggered by geopolitical tensions and rising bond yields, UBS believes the resulting investor pessimism is "premature and overdone," according to a research note published by its CIO office on Monday. The Swiss bank remains optimistic about a market rebound, citing strong US earnings growth

Global Economy Shows Signs of Sustained Growth, But Inflation Concerns Remain

The global economy is picking up steam according to a report by S&P Global. The latest Purchasing Managers Index (PMI) data from S&P Global reached 52.3, a nine-month high, indicating a broad-based recovery across sectors and regions. "This suggests a sustained and positive outlook

BOJ Chief Signals Rate Hikes If Inflation Persists

Bank of Japan Governor Kazuo Ueda has indicated that the central bank will likely raise interest rates if underlying inflation continues to rise. Speaking at a think tank event in Washington, Ueda acknowledged the challenges of determining the appropriate level of interest rates as Japan has not experienced a sustained

Moody's Analytics: ECB Rate Cut on Track for June

Moody's Analytics expects the European Central Bank (ECB) to implement its first interest rate cut in June, despite persistent inflation within the services sector, according to a research report published on Thursday. While acknowledging the need for further data to solidify the decision, the research firm suggests the

API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip

The American Petroleum Institute (API) reported a slight year-over-year increase in US crude oil production for March 2024, reaching 13.0 million barrels per day (mb/d). This represents a 1.9% increase compared to March 2023 and contributes to the overall stability of US domestic petroleum supply. However, the
API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip

Japanese Economic Indicators Signal Positive Trend for Stocks, Says Sumitomo Mitsui

A report published by Sumitomo Mitsui on Tuesday affirms a bullish outlook for the Japanese economy and its stock market, emphasizing the confluence of positive economic indicators and supportive policy initiatives. The asset management firm suggests that these factors are creating a fertile ground for sustained growth and present attractive

2024 Equity Outlook

Author: Bruce Liegel Stock markets had a furious rally into year-end after the Federal Reserve finally capitulated and announced the “end” of rate hikes. Based on the long-term trend in interest rates, this may be the end of the first tightening cycle, but just the beginning of a longer secular