Podcasts about Macro

This week, we discuss the current state of the market as macro uncertainty leaves everyone worried about what's next for crypto. We deep dive into SUI & the L1 trade, Hyperliquid, what will perform in the next leg of the bull market, crypto's KOL problem & where to find opportunity during a correction. Enjoy! -- Follow Avi: https://twitter.com/AviFelman Follow Jonah: https://twitter.com/jvb_xyz Follow 1000x: https://twitter.com/1000xPod Join the 1000x Telegram: https://t.me/+fz-2f0cwC6o0MWNh -- Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world's crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at Ledger.com -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (0:00) Introduction (1:20) SUI & The L1 Trade (12:49) Hyperliquid (17:49) Ledger Ad (18:30) What Will Perform In The Next Leg Of This Bull Market? (21:08) The AI Crypto Trade (29:44) The Rise Of AI Agents (36:53) Crypto's Angel/KOL Flywheel Problem (44:05) Macro & Bitcoin -- Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed

From strawberry-picking to brick-laying, automation is revolutionizing unexpected corners of the workforce.

Join Dave Weisberger, Mike McGlone, and James Lavish as we break down what's happening in macro and crypto! Dave Weisberger: https://twitter.com/daveweisberger1  James Lavish: https://twitter.com/jameslavish  Mike McGlone: https://twitter.com/mikemcglone11  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY!

Is Europe about to go through another energy crisis? What would happen to the price of oil if a global crisis breaks out. Follow Michael Tanner on linked in here: https://www.linkedin.com/in/michaeltannersandstone/ Please Like, Share, and Subscribe to my channel!

In the first episode of the 2025, Investec Wealth & Investment International's Chief Investment Strategist, Chris Holdsworth looks at the US dollar, although it has gained recently, bond yields have risen around the world, up due to both concerns about inflation and fiscal trajectories. Investec Focus Radio SA

En la edición AM, hablamos con Marcelo Álvarez, Director de Asuntos gubernamentales de Barrick Sudamérica, y con Carolina Farcas, Estratega de Inversiones y Derivados de Bci Corredor de Bolsa.

Macro-econoom Arnoud Boot ziet landen, de Verenigde Staten voorop, misbruik maken van hun economische machtsposities. Het doet hem denken aan het kolonialisme van weleer. Vooral kleine en alleenstaande landen moeten uitkijken. Zo mist het Verenigd Koninkrijk de bescherming van een stroperig machtsblok als de EU in een wereld van opvliegerige mannetjesputters. See omnystudio.com/listener for privacy information.

Wie nu een huis wil kopen in Nederland moet daar gemiddeld bijna een half miljoen voor neerleggen. Daartegenover is er wel meer ‘dynamiek’ op de woningmarkt. Dat meldde van de Nederlandse Vereniging voor Makelaars afgelopen donderdag. Te gast is voorzitter van de NVM vakgroep Wonen Lara Gerssen. Macro met Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Economenpanel De kapitaalmarktrentes op staatsobligaties van westerse economieën zijn in een maand tijd sterk opgelopen. En: als het aan Trump ligt, verhogen NAVO-lidstaten hun defensie-uitgaven naar 5 procent van het bbp. Is er een lidstaat dat dat aankan? Dat en meer bespreken we om 11.10 in het Economenpanel met: Steven Brakman, hoogleraar internationale economie aan de Rijksuniversiteit Groningen, en Roelof Salomons, Chief investment Strategist at BlackRock & Hoogleraar beleggingstheorie en vermogensbeheer aan de Rijksuniversiteit Groningen. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

China sigue anunciando medidas para apoyar su moneda, mientras la libra se debilita. Vistazo al dólar, el oro y el petróleo. Con Miguel Ángel Rodríguez, experto de mercado.

This special episode of Macro Mondays aired live at 17:00 UK time on Friday, the 10th of January after U.S. monthly payrolls were released.Highlights of This Week's Macro Trends: - U.S. Economy: A surprise surge in U.S. payrolls (+256K) with unemployment steady at 4.1%. Hawkish commentary from Fed officials underscores inflation risks, while the steepening U.S. yield curve hints at continued equity volatility. - Global Markets: Chinese deflationary fears deepen, with CPI at +0.1% and PPI at -2.4%, while German industrial orders plummet (-5.4% MoM). In the UK, 30-year gilt yields hit their highest since 1998, adding to concerns of a potential bond crisis. - Commodities: Oil markets start the year higher, gold resumes its upward trend, and commodities across the board show signs of recovery. - Bitcoin and Equities: Bitcoin trades precariously, risking a fall below $91,370, while Nasdaq volume surges with record-breaking trades. Key Data Releases Ahead: - Tuesday: U.S. PPI, NFIB Small Business Optimism - Wednesday: U.S. CPI, UK CPI, PPI - Thursday: U.S. Retail Sales, UK Monthly GDP, Industrial Production - Friday: U.S. Industrial Production, UK Retail Sales, China GDP Join the conversation to uncover how these developments could shape markets in the week ahead. Don't miss out on this special edition of Macro Mondays LIVE on a Friday! 

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 this reporting season. Disclaimer: https://www.research.hsbc.com/R/101/MprXJBW.Subscribe to HSBC Business Edition- MENAT on Apple Podcast, Spotify, YouTube or Anghami for the latest business news and insights.Apple Podcast - https://podcasts.apple.com/ae/podcast/hsbc-business-editions-menat/id1530716865Spotify - https://open.spotify.com/show/3d9NPmyU64oqNGWvT0VvARAnghami - https://play.anghami.com/artist/7640230YouTube - https://www.youtube.com/playlist?list=PLBOGWG1Zpoxznztf0ucbZ5HZpP1cAqQQE Hosted on Acast. See acast.com/privacy for more information.

In the first of a special series, Morgan Stanley's U.S. Thematic and Equity Strategist Michelle Weaver discusses new frontiers in artificial intelligence with Keith Weiss, Head of U.S. Software Research.----- Transcript -----Michelle: Welcome to Thoughts on the Market I'm Michelle Weaver, Morgan Stanley's U.S. Thematic and Equity Strategist.Keith: And I'm Keith Weiss, Head of U.S. Software Research.Michelle: This episode is the first episode of a special series we're calling “Big Debates” – where we dig deeper into some of the many hot topics of conversation going on right now. Ideas that will shape global markets in 2025. First up in the series: Artificial Intelligence.It's Friday, January 10th at 10am in New York.When we look back at 2024, there were three major themes that Morgan Stanley Research followed. And AI and tech diffusion were among them. Throughout last year the market was largely focused on AI enablers – we're talking semiconductors, data centers, and power companies. The companies that are really building out the infrastructure of AI.Now though, as we're looking ahead, that story is starting to change.Keith, you cover enterprise software. Within your space, how will the AI story morph in 2025?Keith: I do think 2025 is going to be an exciting year for software [be]cause a lot of these fundamental capabilities that have come out from the training of these models, of putting a lot of compute into the Large Language Models, those capabilities are now being built into software functionality. And that software functionality has been in the market long enough that investors can expect to see more of it come into results. That the product is there for people to actually buy on a go forward basis.One of the avenues of that product that we're most excited about heading into 2025 is what we're calling agentic computing, where we're moving beyond chatbots to a more automated proactive type of interface into that software functionality that can handle more complex problems, handle it more accurately and really make use of that generative AI capability in a corporate or in an enterprise software setting as we head into 2025.Michelle: Could you give us an example of what agentic AI is and how might an end user interact with it?Keith: Sure. So, you and I have been interacting with chatbots a lot to gain access to this generative AI functionality. And if you think about the way you interact with that chatbot, right, you have a prompt, you have a question. You have to come up with the question. going to take that question and it's going to, try to contextually understand the nature of that question, and to the best of its ability it's going to give you back an answer.In agentic computing, what you're looking for is to add more agency into that chatbot; meaning that it can reason more over the overall question. It's not just one model that it's going to be using to compose the answer. And it's not just the composition of an answer where the functionality of that chatbot is going to end. There's actually an ability to execute what that answer is. So, it can handle more complex problems.And it could actually automate the execution of the answer to those problems.Michelle: It sounds like this tech is going to have a massive impact on the workplace. Have you estimated what this could do to productivity?Keith: Yeah, this is -- really aligns to the work that we did actually back in 2023, where we did our AI index, right. We came up with the conclusion that given the current capabilities of Large Language Models, 25 per cent of U.S. occupations are going to be impacted by these technologies. As the capabilities evolve, we think that could go as high as 45 per cent of U.S. labor touched by these productivity enhancing. Or, sort of, being replaced by these technologies. That equates to, at the high end, $4 trillion of labor that's being augmented or replaced on a go forward basis. The productivity gains still yet to be seen; how much of a productivity gain you could see on average. But the numbers are massive, right, in terms of the potential because it touches so much labor.Michelle: And finally on agentic, is the market missing anything and how does your view differ from the consensus?Keith: I think part of what the market is missing is that these agentic computing frameworks is not just one model, right? There's typically a reasoning engine of some sort that's organizing multiple models, multiple components of the system that enable you to -- one, handle more complex queries, more complex problems to be solved, lets you actually execute to the answer. So, there's execution capabilities that come along with that. And equally as important, put more error correction into the system as well. So, you could have agents that are actually ensuring you have a higher accuracy of the answer.It's the sugar that's going to make the medicine go down, if you will. It's going to make a lot easier to adopt in enterprise environments. I think that's why we're a little bit more optimistic about the pace of adoption and the adoption curves we could see with agentic computing despite the fact it's a relatively early-stage technology.Michelle: You just mentioned Large Language Models, or LLMs; and one barrier there has been training these models. It requires a ton of computing power, among other constraints. How are companies addressing this, and what's in the cards for next year?Keith: So, if you think about the demand for that compute in our mind comes from two fundamental sources. And as a software analyst, I break this down into research versus development, right? Research is investment that you make to find core fundamental capabilities.Development is when you take those capabilities and make the investment to create product out of it. Thus far, again, the primary focus has been on the training side of the equation.I think that part of the equation looks to be asymptotic to a certain extent. The – what people call the scaling laws, the amount of incremental capability that you're getting from putting more compute at the equation is starting to come down.What people are overlooking is the amount of improvement that you could see from the development side of the equation. So, whereas the demand for GPUs, the demand for data center for that pure training side of the equation might start to slow down a little bit, I think what we're going to see expand greatly is the demand for inference, the demand to utilize these models more fully to solve real business problems.In terms of where we're going to source this; there are constraints in terms of data center capacity. The companies that we cover, they've been thinking about these problems for the past decade, right? And they have these decade long planning cycles. They have good visibility in terms of being able to meet that demand in the immediate future. But these questions on how we are going to power these data centers is definitely top of mind for our companies, and they're looking for new sources of power and trying to get more creative there.The pace with which data centers can be built out is a fundamental constraint in terms of how quickly this demand can be realized. So those supply constraints I don't think are going to be a immediate limiter for any of our names when we're thinking about calendar [20]25. But definitely, part of the planning process and part of the longer-term forecasting for all of these companies in terms of where are they going to find all this fundamental resource – because whether it's training or inference, still a lot of GPUs are going to be needed. A lot of compute is going to be needed.Michelle: Recently we've been hearing about so called artificial general intelligence or AGI. What is it? And do you think we're going to see it in 2025?Keith: Yeah, so, AGI is the – it's basically the holy grail of all of these development efforts. Can we come up with models that can reason in the human world as well as we can, right? That can understand the inputs that we give it, understand the domains that we're trying to operate in as well or better than we can, so it can solve problems as effectively and as efficiently as we can.The easiest way to solve that systems integration problem of like, how can we get the software, how could we get the computers to interact with the world in the way that we do? Or get all the impact that we do is for it to replicate all those functionalities. For it to be able to reason over unstructured text the same way we do. To take visual stimuli the same way that we do. And then we don't have to take data and put into a format that's readable by the system anymore.2025 is probably too early to be thinking about AGI, to be honest. Most technologists think that there's more breakthroughs needed before the algorithms are going to be that good; before the models are going to be that good.There's very few people who think Large Language Models and the scaling of Large Language Models in themselves are going to get us to that AGI. You're probably talking 10 to 20 years before we truly see AGI emerge. So, 2025 is probably a little bit too early.Michelle: Well, great, Keith. Thank you for taking the time to talk and helping us kick off big debates. It looks like 2025 we'll see some major developments in AI.And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

Our Head of Corporate Credit Research, Andrew Sheets, offers up bull, bear and base cases for credit markets in the year ahead.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Today, I'm going to revisit our story for 2025 – and what could make things better or worse.It's Thursday, January 9th at 2pm in London. Based on the number of out-of-office replies, I have a sneaking suspicion that many investors took advantage [of] the timing of holidays this year for a well deserved break. With this week marking the first full week back, I thought it would be a good opportunity to refresh listeners on what we expect in 2025, and realistic scenarios where things are better or worse.Our base case is that credit holds up well this year, doing somewhat better in the first half of 2025 than the second. Credit likes moderation, and while we think the shift in U.S. policy leadership generally means less moderation, and a wider range of economic outcomes, this shift doesn't arrive immediately. On Morgan Stanley's forecasts, the bulk of the disruptive impact from any changes to tariffs or immigration policy hits in 2026.Meanwhile, Credit is entering 2025 with some pretty decent tailwinds. The economy is good. The all-in yield – the total yield – on US investment grade corporate bonds, at above 5.4 per cent, is the highest to start any year since January of 2009 – which we think helps demand. And while we think corporate confidence and aggression will rise this year, normally a bad thing for credit; this is going to be coming off of a low, conservative starting point. We think that credit spreads will be modestly tighter by mid-year relative to where they finished 2024, and then start to widen modestly in the second half of the year – as the market attempts to price that greater policy uncertainty in 2026. We think that issuers in the Financial and Utilities sectors outperform, and we think bonds between five- and ten-year maturity will do the best.The bear case is that we exit the current period of moderation more quickly. At one end, a deregulatory push by a new administration could usher in an even faster rise in corporate confidence and aggression, leading to more borrowing and riskier dealmaking. At the other extreme, the strong current state of the economy and jobs market could make further gains harder to come by. If the rise in unemployment that our economists expect in 2026 is larger or arrives earlier, credit could start to weaken well ahead of this.So, how could things be better – especially given the relatively low, tight starting point for credit spreads? Well, we'd argue that the current mix of data for credit is border-line ideal: reasonable growth, falling inflation, still-low levels of corporate aggressiveness, and still-high yields that are attracting buyers. Recall that the tightest levels of credit in the modern era, which are still tighter than today, occurred during a period with similar characteristics – the mid-1990s.When thinking about the mid-90s as a bull case, there's a further detail that's relevant and topical, especially this week. At that time, interest rates stayed somewhat high and the Fed only lowered short-term rates modestly because the economy held up. In short, in the best environment that we've seen for credit, less action by the Federal Reserve was fine – so long as the economic data was good.This is a bull-case, rather than our base case, because there are also a number of key differences with the mid 1990s, not the least being a much worse trajectory – today – for the US government's budget. But in a scenario where things change less, and the status quo lasts longer, it could come into play.Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom.✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com

Welcome back! Today I'm touching on why macro counting is different than ever other diet. From the awareness of where your calories are coming from, to the data to make adjustments to your plan as fat loss plateaus, it truly teaches the foundations of nutrition. Macro counting changed my body and my relationship with food. January Shred waitlist- opens January 13thhttps://macroswithem.com/shred-with-em/Save 10% on supplements with code Emmahttps://www.hapibodi.comTrain with Me! Monthly Membership 5 day FREE trial: https://macroswithem.com/programs/The EmPowered Community: https://www.facebook.com/groups/macroswithemcommunity/Instagram: https://www.instagram.com/macroswithem/Facebook: https://www.facebook.com/macroswithem

Fresh off starting the year at $100,000, Bitcoin (and the rest of crypto) tanked. Some thought it was all about concerns of USG selling their Silk Road stash, but it appears to be more rooted in broader macro concern of returning inflation. NLW explores. Sponsored by: Ledn Need liquidity without selling your Bitcoin? For 6+ years, Ledn has been the trusted choice for Bitcoin-backed lending. With transparency, security, and trust at our core, we help you access your BTC's wealth while HODLing. Discover what your Bitcoin can do at ledn.io/borrowing. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Have you ever been told you think too much? What if that's your greatest strength? In today's episode, hosts Kevin Palmieri and Alan Lazaros challenge the stigma around overthinking and show you how deep thinking can unlock self-awareness, drive success, and improve relationships. Whether it's balancing gratitude with ambition or embracing frustrations as tools for growth, they'll guide you toward seeing life's challenges in a whole new way.Links mentioned:Subscribe & follow -  https://www.buzzsprout.com/742955/shareFree 30-minute Coaching Call with Alan - https://bit.ly/4f3MSUz______________________NLU is not just a podcast; it's a gateway to a wealth of resources designed to help you achieve your goals and dreams. From our Next Level Dreamliner to our Group Coaching, we offer a variety of tools and communities to support your personal development journey.For more information, please check out our website at the link below.

Bitcoin & Markets: Macro, money, geopolitics and news Thanks for listening. If you are reading this, hit the subscribe button in your podcast app and join us on Youtube or Rumble for LIVE streams!  Links Full write up and charts https://bitcoinandmarkets.com/e425 YouTube: https://www.youtube.com/@btcmarketupdate Rumble: https://rumble.com/c/BTCandMarkets Twitter https://twitter.com/AnselLindner Telegram https://t.me/bitcoinandmarkets FREE weekly newsletter https://tinyurl.com/2chhbnff Value 4 Value: Fountain app: https://www.fountain.fm/show/vDnNMS9zY6Ab2ZAMsMJ2 Strike: https://strike.me/ansellindner Cash App: https://cash.app/$AnselLindner --- Disclaimer: The content of Bitcoin & Markets shall not be construed as tax, legal or financial advice. Do you own research. https://bitcoinandmarkets.com/disclaimer/ #bitcoin #macro #geopolitics

In this episode of The Platform Podcast, host Jordan Kunde-Wright sits down with Matt Borris, owner of Phoenix Wellness, to discuss the "10 Red Flags" to watch for in diet plans. Together, they uncover pitfalls such as extreme calorie restriction, demonization of food groups, and over-reliance on supplements, providing actionable advice for creating sustainable and health-focused nutrition habits. Whether you're starting your fitness journey or rethinking your diet, this episode is packed with insights to help you avoid common traps.

Season 10 debut episode.Marthea Pitts, MSW is a social worker and a Macro social Work Career Coach. She helps social workers who want to transition from case management, direct practice to macro roles.Marthea has a cohort group career coaching program called the micro to macro career accelerator. She will be starting cohort 17 on January 12, 2025. In the accelerator, she teaches social workers how to identify, apply, write their macro job resume and find their dream macro jobs in three months or less.She also shares her story on how she started her business.To apply for cohort 17, go to https://www.macroandpaid.com Marthea can be found on instagram at https://www.instagram.com/the_mswcoach and on YouTube at @themswcoachThe podcast is sponsored by Bas Moreno Consulting providing financial education and counseling for people of color in the sandwich generation who struggle with their finances while caregiving for their loved ones simultaneously. Sign up for your 25 minute complementary consultation at https://calendly.com/basmoreno/consultationFollow the podcast on social media:IG: https://www.instagram.com/thesocialworkrantspodcastTwitter/X: https://www.twitter.com/socialworkrantsFacebook: The Social Work Rants Podcast

To learn more about macro social work (mission-driven) careers, scope of work, salary potential, job titles, industries where macro work occurs, and much more! Grab access to my free e-course at: https://macroandpaid.com/ —— From Burnout to Breakthrough: Brindhi's Macro Social Work Career Transformation Are you feeling stuck or burned out in your social work career? Do you wonder if there's more to social work than direct practice or case management? In this episode, I sit down with Brindhi, one of my one-on-one coaching clients, to share her inspiring journey from forensic social worker to thriving in a macro social work role. As a social work career coach, I specialize in helping social workers transition out of case management into mission-driven macro social work roles. Brindhi's story is the perfect example of how clarity, strategy, and mindset shifts can transform your career. Here's what we dive into during this episode: - Brindhi's Early Career in Forensic Social Work: Learn how her work in mental health and discharge planning set the stage for her career pivot. - Challenges of Transitioning Careers: Brindhi opens up about the doubts, fears, and limiting beliefs she faced before working with a social work career coach. - The Power of Career Clarity: Discover how we worked together to identify her three P's (Passion, Purpose, Population) and align her skills with her dream job. - Mindset Shifts for Success: Hear how she overcame burnout, built confidence, and reframed her past experiences to position herself as a top candidate for macro social work jobs. - Landing the Macro Social Work Job: Brindhi shares what her day-to-day work looks like now, how she's making a difference on a systems level, and why she's never looked back. This episode is packed with practical advice for social workers at any stage of their careers, whether you're new to the field or ready to move beyond direct practice. As a macro social work career coach, I'm here to help you discover what's possible when you invest in yourself and your future. If you're tired of feeling undervalued and overworked, and you're ready to explore new opportunities in macro social work, this conversation is a must-watch. Video Chapters: 0:00 - Welcome to the Podcast 2:15 - Brindhi's Forensic Social Work Background 10:30 - Overcoming Career Roadblocks 15:00 - The Importance of Getting Career Clarity with a Macro Social Work Career Coach 25:00 - Brindhi's New Macro Social Work Job: What It Looks Like Want to learn more about working with me? - Visit my website to learn more about the Micro To Macro Career Accelerator at: https://macroandpaid.com/ My group career coaching designed to teach Master of Social Work (MSW) graduates how to identify, apply, and interview for their dream macro social work job in 3 months or less! Don't forget to follow for more insights into how to build the social work career you deserve! #socialwork #socialworker #macrosocialwork #macrosocialworker

Vendredi 10 janvier, les perspectives pour l'économie française ont été abordés par Virginie Robert, présidente de Constance Associés, Louis de Montalembert, président de Pléiade AM, Emmanuel Lechypre, éditorialiste à BFM Business, et Hervé Goulletquer, conseiller économique d'Accuracy, reçu par Marc Fiorentino dans l'émission C'est Votre Argent sur BFM Business. Retrouvez l'émission le vendredi et réécoutez la en podcast.

Mark McDonald, Head of Data Science and Analytics, examines the latest applications for AI - from analysing speeches to hosting podcasts. Disclaimer: https://www.research.hsbc.com/R/101/jsBFmVn. Stay connected and access free to view reports and videos from HSBC Global Research follow us on LinkedIn https://www.linkedin.com/feed/hashtag/hsbcresearch/ or click here: https://www.gbm.hsbc.com/insights/global-research. Hosted on Acast. See acast.com/privacy for more information.

Als handelshuis richt STX Group zich voornamelijk op emissiehandel. Wil je méér uitstoten dan je recht is? Dan koppelt STX Group je aan iemand die nog wat emissierecht over heeft. Een maand geleden breidde het bedrijf uit: het kocht oliehandelaar Marine Olie. Een verrassende stap, want waarom zou een emissie-handelaar nou precies in de fysieke oliehandel stappen? Te gast is algemeen directeur Marijn van Diessen. Macro met Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ondernemerspanel Waarom is Bax Music oprichter Jochanan Bax ontslagen door zijn eigen familie? En: Hoe gaan ondernemers om met de aankomende loonstijgingen? Dat en meer bespreken we om 11.10 in het ondenemerspanel met: Daan Weddepohl, oprichter van Peerby en Karlijn L'ortye, oprichter en directeur van MO the Movement. Pitchers Twee startups staan weer te springen om te pitchen. Tyrone Krieger van Codeglass en Maarten van der Kuil van Branch Foundation Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom.✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com

The current market consensus sees equities higher, led by continued strength in the tech sector, interest rates staying at current, high levels or even rising further, and a stronger US dollar. But many of these views are already crowded and valuation challenges abound. On this week’s episode, host Tim Graf looks at where the behavioral and fundamental realities available from our proprietary indicators offer divergences from these views for stocks, bonds and FX, and where consensus thinking might fall short.See omnystudio.com/listener for privacy information.

The Weekly Tradecast looks at how the green transition is transforming the global economy, national policies and almost every aspect of our lives with the International Trade Centre's Vanessa Erogbogbo. As the impact of climate change gets worse, the focus is on finding solutions that make a difference. Much more needs to be done but steps to cut emissions and use more renewable energy are already opening new frontiers for technology, creating new opportunities for business and redrawing the map for the resources we use and the products we make. So how does that big picture connect and affect daily life in our work and in our communities? For more on the macro to micro aspects of the green transition, listen in to Vanessa Erogbogbo, chief of the ITC's green and inclusive value chains section.

MacroVoices Erik Townsend & Patrick Ceresna welcome back, Luke Gromen. They'll explore the outlook for the new year and examine its implications for macroeconomics and markets, covering everything from the dollar and treasury yields to bitcoin and precious metals. https://bit.ly/3WdsysV   ⚫ Follow Luke on X: https://x.com/LukeGromen

With the inauguration of President-elect Donald Trump approaching, our Global Head of Fixed Income and Public Policy Research weighs the impact for investors of his potential policy measures.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research. Today on the podcast I'll be talking about what investors need to know about recent US policy developments.It's Wednesday, Jan 8th, at 2:30pm in New York. In less than two weeks, Donald Trump will again become the sitting President of the United States. The economic and market consequences of the policies he might enact, either on his own or in concert with the Congress, continue to be an important debate for investors. Our view has been that the sequencing and severity of policy choices across tariffs, taxes, immigration, and regulation would be very meaningful to the market's outlook. So, have we learned anything from news around the policy discussions inside the incoming administration and congressional leaders? Let's consider it here and level set. First, there‘s been news about Republicans debating their approach to legislating some of President Trump's top policy priorities. That debate centers around whether to create one big bill around taxes, immigration, and a host of other issues or to break it into multiple bills. Leading with immigration reforms, where there may be more consensus within Republicans' slim Congressional majority; and then following it up with tax cuts and extensions, which may take more time to negotiate given myriad interests. While investors have asked us about this debate quite a bit, the distinction between the approaches may not make much of a difference to investors. At the end of the day, what should matter most to markets is the timing and size of the fiscal impact driven by tax changes. Going with one big bill may seem faster, but we're reminded of the saying ‘Nothing is agreed until everything is agreed.' In other words, that one big bill would probably only pass as fast as Republicans could agree on its toughest negotiating points – so likely not very soon. As for the size of fiscal impact, we continue to see consensus around extending most of the tax cuts that expire at the end of 2025, with some new benefits, like a domestic manufacturing tax credit. So, there should be some fiscal expansion in 2026, a few hundred billion dollars in our view; but this is meaningfully different than the trillions of dollars that the media cites when discussing the whole of the tax policy wish list. There's also been some news on the approach to tariffs, but again it seems more noise than signal. Recent media reports are that Trump might adopt a tariff plan focused on specific products as opposed to a blanket approach on all imports. Trump denied the report via social media. But even if he hadn't, it's unclear that such a plan could be executed quickly through existing executive powers or through legislation, where it's far from clear that tariffs could be enacted given Democrats' opposition and procedural barriers from budget reconciliation. So, our view remains that new tariffs will likely be enacted but through executive authority – which means a phased-in focus on China and Europe in 2025; and any new authorities developed via existing laws might not be enactable until 2026. So said more simply, the impact of tariffs on the economy may be a late 2025 into 2026 story. Putting it together for investors: So far, the news flow hasn't materially changed our view on the US policy path. Yes, important policy changes are coming, but their implementation may be slow. That should mean that, to start 2025, the healthy fundamentals of the US economy should help drive risk markets, namely U.S. equities and corporate credit, to outperform. If we're wrong and, for example, tariffs are implemented in larger magnitude at a quicker pace, then it may be a year where less risky assets, like government bonds, outperform. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen to podcasts and share Thoughts on the Market with a friend or colleague today.

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom.✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom. ✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com

In this episode, Joe McCann joins the show to discuss why he's tactically bearish, the US dollar's implications for risk assets, and his crypto shopping list. We also delve into bottom signals, the outlook for 2025, and much more. Enjoy! — Follow Joe McCann: https://x.com/joemccann Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world's crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we'll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (01:12) Macro & Crypto Overview (09:19) Implications Of Hawkish Fed (12:54) Inauguration & The US Dollar (18:01) Ads (19:35) Crypto Market Outlook (23:34) Strategic Bitcoin Reserve (26:30) Crypto Shopping List (31:56) Bottom Signals (35:47) 2025 Outlook — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

The value-based care (VBC) philosophy is centered around improving patient outcomes while reducing costs by rewarding providers for quality over quantity of services. But in reality, it's just this era's term for cost containment and restricted care. And don't get us started on Medicare Advantage VBC programs and how they approach end-of-life care. ...or maybe we'll poke it at it quickly.

In this episode, Joe McCann joins the show to discuss why he's tactically bearish, the US dollar's implications for risk assets, and his crypto shopping list. We also delve into bottom signals, the outlook for 2025, and much more. Enjoy! — Follow Joe McCann: https://x.com/joemccann Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.co/G7Ljv4x5Dp — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code FG10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 46 Million users over $9 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world's crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on Ledger.com. GlobalStake delivers institutional-grade staking with self-owned, SOC2-certified bare-metal infrastructure, carbon-negative operations, and comprehensive security. Enjoy competitive pricing, decentralized operations, and slashing insurance backed by top-rated carriers. Learn more at globalstake.io — Timestamps: 00:00 Introduction 01:54 Macro & Crypto Overview 10:01 Implications Of Hawkish Fed 13:37 Inauguration & The US Dollar 18:43 Ads 20:41 Crypto Market Outlook 24:39 Strategic Bitcoin Reserve 27:36 Crypto Shopping List 33:02 Bottom Signals 36:53 2025 Outlook — Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Lauren reintroduces the concept of the Window of Tolerance and shares practical tips for breaking behavioral patterns and resetting your nervous system. She explains how to identify your current state of dysregulation and suggests using activities that activate the opposite state to help achieve regulation. If you haven't already, check out Five Ives to see how strategies like this can be applied to adults, especially in the workplace. Five Ives works with staff in high burnout jobs to help them incorporate regulation strategies into their daily routines.Try-at-home tip:  Eat less sugar!References:Ruthless Elimination of Hurry Other related resources from The Behavior Hub: Blog Post: Polyvagal TheorySympathetic Nervous SystemFight or Flight: Sympathetic Nervous System (SNS)Rest & Digest: Parasympathetic Nervous System (PNS)Progressive Muscle Relaxation for KidsPodcast:Fight or FlightImpacting Organizational Culture: Explaining the First 1 Ps5 Ives episodeWindow of ToleranceA Sequence for Emotional RegulationUnderstanding Behavior and Regulating ItOur Online Courses: Classroom Design with the Brain in MindFrom Conflict to Calm:  How to communicate with kids so they listen the FIRST time!4 Simple Steps to Problem SolvingDo you have a question? I can answer it in a future episode!Email questions to podcast@thebehaviorhub.com or send via text to 717-693-7744.Subscribe to our mailing list and find out more about the Emotional Brain.Check out our Facebook Group – Raising and Teaching Respectful Children The Behavior Hub websiteThe Behavior Hub blogAre you struggling with behaviors and not sure where to begin? Let me help!Schedule a free discovery call and let me be your Guide.As an Amazon Associate, I earn from qualifying purchases. 

In 2024, the overall Economy took a negative turn in three areas critical for investors: Corporate Profits, the country's financial condition, and retail sales. Although each sector remains positive, it has taken on a decidedly negative direction.

Does this Mean the Gloom is Becoming Less Gloomy for tUK Markets?  Macro, Micro News for Wednesday 8th January 2025 MACRO UK investors add record $34 billion of stocks in 2024, Calastone says Soaring UK borrowing costs are a problem for Rachel Reeves MICRO Abingdon Health #ABDX Aeorema Communications #AEO Cordel Group #CRDL Hornby Plc #HRN Intercede #IGP Likewise #LIKE ProCook #PROC Ramsdens #RFX Topps Tiles #TPT Victoria #VCP *****MY NEW BOOK***** How to Become a MicroCap Millionaire - A 3 Step Strategy for Stock Market Success  Is now on sale here: https://www.sharepickers.com/how-to-become-a-microcap-millionaire-3-step-strategy/ !!!HOW GET 50% OFF MEMBERSHIP TO THE SHAREPICKERS INVESTMENT CLUB!!! If you buy a copy of the book, then leave a 5 star rating & write a positive review, you can get yearly membership to the SharePickers Investment Club for just £99.50!!! !!! THIS IS ONLY AVAILABLE TO THE FIRST 100 PEOPLE !!! —---------------------------------------------------------------------- In this podcast I cover the Macro News relevant to the UK and monitor MicroCap Stocks to see if they're good enough to be added to the MicroCap League. The UK's first MicroCap League where 100's of small businesses are analysed and scored in relation to their growth, value, health, efficiency, momentum & potential. The company's that score the highest are added to the MicroCap League and possess the best risk / reward profile. —---------------------------------------------------------------------- IF YOU REGULARLY LISTEN TO THIS PODCAST AND ENJOY IT'S OUTPUT PLEASE CONSIDER GIVING IT A 5 STAR RATING AND REVIEW - THAT WAY MORE PEOPLE WILL FIND IT. THANK YOU

In this episode, I share the five biggest lessons I've learned from coaching over 10,000 women on their macro counting journeys. Reflecting on how my accidental business started back in 2016, I talk about how sharing my experience with macro counting on Instagram unexpectedly led to a thriving coaching career. From saying "yes" to opportunities to witnessing incredible transformations, this journey has been beyond anything I could have imagined. Tune in as I share insights from coaching thousands of women and how these lessons can inspire you in your own journey!Find show notes at bicepsafterbabies.com/353Follow me on Instagram and Tiktok!Links:bicepsafterbabies.com/waitlist

Our Global Chief Economist Seth Carpenter weighs the myriad variables which could impact global markets in 2025, and why this year may be the most uncertain for economies since the start of the pandemic.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist, and today I'll be talking about 2025 and what we might expect in the global economy.It's Tuesday, January 7th at 10am in New York.Normally, our year ahead outlook is a roadmap for markets. But for 2025, it feels a bit more like a choose your own adventure book.uncertainty is a key theme that we highlighted in our year ahead outlook. The new U.S. administration, in particular, will choose its own adventure with tariffs, immigration, and fiscal policy.Some of the uncertainty is already visible in markets with the repricing of the Fed at the December meeting and the strengthening of the dollar. Our baseline has disinflation stalling on the back of tariffs and immigration policy, while growth moderates, but only late in the year as the policies are gradually phased in.But in reality, the sequencing, the magnitude and the timing of these policies remains unknown for now, but they're going to have big implications for the economies and central banks around the world. The U.S. economy comes into the year on solid footing with healthy payrolls and solid consumption spending.Disinflation is continuing, and the inflation data for November were in line with our forecast, but softer in terms of PCE than what the Fed expected. While the Fed did lower their policy rate 25 basis points at the December meeting, Chair Powell's tone was very cautious, and the Fed's projections had inflation risks skewed to the upside.The chair noted that the FOMC was only beginning to build in assumptions about policy changes from the new administration. Now, we have conviction that tariffs and immigration restriction will both slow the economy and boost inflation -- but we've assumed that these policies are phased in gradually over the entirety of the year. And consequently -- that materially Stagflationary impetus? Well, it's reserved for 2026, not this year.Similarly, we've assumed that effectively the entire year is consumed by the process of tax cut extensions. And so, we've penciled in no meaningful fiscal impetus for this year. And in fact, with the bulk of the process simply extending current tax policy, we have very little net fiscal impact, even in 2026.Now, in China, the deflationary pressure is set to continue with any policy reaction further complicated by U.S. policy uncertainty. The policymaker meeting in late December that they held provided only a modest upside surprise in terms of fiscal stimulus, so we're going to have to wait for any further details on that spending until March with the National People's Congress.Meanwhile, during our holiday break, the renminbi broke above 7.3, and that level matches roughly the peaks that we saw in 2022 and 2023. The strong dollar is clearly weighing on the fixing. The framework for policy will have to account for a potentially trade relationship with the U.S. So, again, in China, there's a great deal of uncertainty, a lot of it driven by policy.The euro area is arguably less exposed to U.S. trade risks than China. A weaker euro may help stabilize inflation that's trending lower there, but our growth forecasts suggest a tepid outlook. Private consumption spending should moderate, and maybe firm a bit, as inflation continues to fall, and continued policy easing from the ECB should support CapEx spending.Fiscal consolidation, though, is a key risk to growth, especially in France and Italy, and any postponement in investment from potential trade tensions could further weaken growth.Now, in Japan, the key debate is whether the Bank of Japan will raise rates in January or March. After the last Bank of Japan meeting, Governor Ueda indicated a desire for greater confidence on the inflation outlook.Nonetheless, we've retained our call that the hike will be in January because we believe the Bank of Japan's regional Branch manager meeting will give sufficient insight about a strong wage trend. And in combination with the currency weakness that we've been watching, we think that's gonna be enough for the BOJ to hike this month. Alternatively, the BOJ might wait until the Rengo negotiation results come out in March to decide if a hike is appropriate. So far, the data remains supportive and Japanese style core CPI inflation has gone to 2.7 per cent in November. The market's going to focus on Deputy Governor Himino's speech on January 14th for clues on the timing – January or March.Finally, as the Central Bank of Mexico highlighted in their most recent rate cut decision, caution is the word as we enter the new year. As economists, we could not agree more. The year ahead is the most uncertain since the start of the pandemic. Politics and policy are inherently difficult to forecast. We fully expect to revise our forecasts more -- and more often than usual.Thanks for listening, and if you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom.✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com

With inflation easing and public markets on the rise, the key questions are whether the Federal Reserve has overcorrected and how the new administration will impact the path to recovery.

Jinny Yan, Chief China Economist at ICBC Standard Bank, discusses her outlook for China's economy in 2025 and the government's policy measures and priorities, particularly its focus on de-risking, diversifying and enhancing domestic capacity.(00:00) - Introduction (01:01) - Key Issues to Watch in 2025 (02:32) - US/China Trade War Prospects (06:29) - Assessing China's Resilience to Trade Tensions (11:12) - Property Sector (17:11) - Inflation/Deflation Outlook (20:13) - Monetary Policy Response (23:57) - Fiscal Policy Response (28:27) - Government Bond Market Drivers (33:39) - Conclusion

Our CIO and Chief U.S. Equity Strategist Mike Wilson considers the year-end slump in U.S. stocks, and whether more market-friendly policies can change the narrative.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief US Equity Strategist. Today on the podcast I'll be discussing the weak finish to 2024 and what it means for 2025. It's Monday, Jan 6th at 11:30am in New York. So let's get after it.While 2024 was another solid year for US equity markets, December was not. The weak finish to the year is likely attributable to several factors. First, from September to the end of November, equity markets had one of their better 3-month runs that also capped the historically strong 1- and 2-year advances. This rally was due to a combination of events including a reversal of recession fears this summer, an aggressive 50 basis points start to a new Fed cutting cycle, and an election that resulted in both a Republican sweep and an unchallenged outcome that led to covering of hedges into early December. This also lines up with my view in October that the S&P 500 could run to 6,100 on a decisive election outcome.Second, long-term interest rates have backed up considerably since the summer when recession fears peaked. Importantly, this 100 basis point back-up in the 10-year US Treasury yield occurred as the Fed cut interest rates by 100 basis points. In my view, the bond market may be calling into question the Fed's decision to cut rates so aggressively in the context of stabilizing employment data. The fact that the term premium has risen by 77 basis points from the September lows is also significant and may be a by-product of this dynamic and uncertainty around fiscal sustainability. As we suggested two months ago, if the change in the term premium was to materially exceed 50 basis points, the equity market could start to take notice and hurt valuations. Indeed, Equity multiples peaked in early- to mid-December around the time when the term premium crossed this threshold. Finally, the rise in rates and the Trump election win has ushered in a stronger dollar which is now reaching a level that could also weigh on equities with significant international exposure. More specifically, the US dollar is quickly approaching the 10 per cent year-over-year rate of change threshold that has historically pressured S&P 500 earnings growth and guidance. All of these factors have combined to weigh on market breadth, something that still looks like a warning. The divergence between the S&P 500 Index as a ratio of its 200-day moving average and the percent of stocks trading above their 200-day moving average has rarely been wider. This divergence can close in two ways—either breadth improves or the S&P 500 trades closer to its own 200-day moving average, which is 10 per cent below current prices. The first scenario likely relies on a combination of lower rates, a weaker dollar, clarity on tariff policy and stronger earnings revisions. In the absence of those developments, we think 2025 could be a year of two halves with the first half being more challenged before the more market-friendly policy changes can have their desired effects.It's also worth pointing out that this gap between index pricing and breadth has been more persistent in recent years, something that we attribute to the generous liquidity provisions provided by the Treasury and the Fed. It's also been aided by interventions from other central banks. While not a perfect measure, we do find that the year-over-year change in global money supply in US Dollars is a good way to monitor key inflection points, and that measure has recently rolled over again. The recent moves in rates and US dollar is just another reason to stick with quality equities. Our quality bias is rooted in the notion that we remain in a later cycle environment which is typical of a backdrop that is consistent with outperformance of this cohort and the fact that the relative earnings revisions for this high quality factor are inflecting higher. As long as these dynamics persist, we think it also makes sense to stay selective within cyclicals and focused on areas of the market that are showing clear relative strength in earnings revisions. These groups include Software, Financials, and Media & Entertainment.Thanks for listening. If you enjoy the podcast, leave us a review wherever you listen, and share Thoughts on the Market with a friend or colleague today.

A new bi-weekly show launches today on Thoughtful Money! Macro & market analyst Stephanie Pomboy shares the latest investing trends that have her attention + takes live Q&A from the viewing audience

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With the start of the new year, our Head of Corporate Credit Research Andrew Sheets looks back to look ahead at trends for credit and other markets in 2025.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Today I'll be discussing the lessons we can learn from 2024 – a remarkable year that also may be easily forgotten. It's Friday January 3rd at 2pm in London. In 2024 I celebrated my 20th year with Morgan Stanley. Among my regrets over this time was not keeping a better journal. It's notable how quickly events in the market that seemed large and remarkable at the time can fade in one's memory as the years merge together. How markets that seem easy or obvious in hindsight were anything but. I say this because many years from now, 2024 may end up being one of those relatively forgettable years. Another year where – as usually happens – the stock market went up. Another year where stocks outperformed bonds, the US dollar strengthened, and US stocks beat those abroad. Yet what is significant about 2024 is the scale of all these trends. For anyone managing money, the question of “stocks versus bonds”, “US versus rest-of-world”, “large versus small” or “growth versus value” are some of the most fundamental strategic questions one faces. These calls don't always matter. But last year, they did – to a very large degree. Global stocks outperformed bonds by about 20 percent. Growth outperformed Value by practically the same amount. US stocks beat their global peers by 13 per cent. In short, one's experience in 2024 and relative performance could have varied significantly, based on just a few relatively simple decisions. Related to that is the second lesson. 2024 was the reminder that while Valuation is a powerful long-term force, it can be a much more frustrating 12-month guide. All of those relative relationships I just mentioned – stocks versus bonds, growth versus value, US versus International – all worked in favor of the market that was historically richer entering last year. For our third lesson from last year, we'll focus on Credit, where investors earned a premium over safer government bonds by lending to riskier corporate borrowers. Notable for this asset class in 2024 was, for the most part, it did its own thing; showing some encouraging independence from other markets and highlighting the value of digging into a borrower's details. Specifically, I think this independence showed up in a few different ways. Credit showed low correlation to government bonds, for example, delivering good excess returns despite very large swings in yields or central bank expectations. It also, even more impressively, bucked some of 2024's biggest trends. For example, while the outperformance of the US economy and US assets was one of the biggest stories of 2024, that wasn't the case in Credit – where Europe and Asia credit actually did marginally better. In contrast to the equity market, smaller companies and Credit outperformed, as spreads and higher yielded loans outperformed larger Investment Grade spreads, even after adjusting for risk. And this was true even at a more granular level. Rising corporate activity, alongside more aggressive strategies for companies to deal with their own borrowing created very dispersed outcomes driven by bond-level documentation; far removed from the macro machinations of politics and monetary policy. This somewhat weaker connection to the broader world is central to how we think about Credit looking ahead. While big economic and political questions certainly loom in 2025, we think that Credit, for now, will be driven more by more micro, company level trends, and show somewhat lower correlation to other assets – at least through the first half of this year. From all of us at Thoughts on the Market, we wish you a very Happy New Year, and all the best for 2025. Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

The Rebel Capitalist helps YOU learn more about Macro, Investing, Entrepreneurship AND Personal Freedom.✅ Come to Rebel Capitalist Live here https://rebelcapitalistlive.com/   ✅Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro   ✅Rebel capitalist merchandise https://www.rebelcapitaliststore.com