GROWTH: Digital currency (CBDC) momentum is accelerating (chart). CBDC Tracker shows launches by Bahamas (Sand dollar) and Nigeria (e-Naira). Bank for International Settlement...

BE GREEDY: Warren Buffett said to ‘be greedy when others are fearful’. The weekly American Association of Individual Investors survey shows a collapse in bullish views, and a...

GROWTH: 39-member OECD ‘rich country’ club kept its GDP growth outlook at 4.5% for next year, despite rising virus risks. Pandemic resilience is rising, and monetary and fiscal...

HOLIDAY SALES: Black Friday and Cyber Monday Thanksgiving weekend retail sales results are in. They were solid, a relief, but reflected covid disruptions. Stronger numbers are...

RESILIENT: Economies, consumers, companies are more resilient to each virus wave. We are heading into a fourth virus wave, regardless ‘omicrom’ variant details.  It's a position...

STRESS TEST: Equities have passed a big stress-test so far, with the recent sharp repricing of Fed interest rate hike expectations. S&P 500 is up 9% this quarter even as...

SOME HEALING: We are seeing signs of supply chains readjusting to the huge demand and dislocations seen this year. Our supply chain ‘pain’ index is down 20% from early October...

LESS UPSIDE RISK: A ‘fourth wave’ of global virus cases is underway (see chart) as we head into the northern hemisphere winter. This will dampen but not derail the economic...

RISKS: Brent crude is -8% from $86/bbl to $79 on rising virus cases and talk of a Strategic Petroleum Reserve (SPR) release from US, China and others. US has 600 million bbls in...

ALL-CONQUERING: The US dollar has conquered all this year, outperforming 85% of the 30 major global currencies we track. It has been boosted by the sharp re-pricing of Fed...