Macro Thoughts

Max Gnesi

The Metamorphosis of Global Trade

A short guide to "friend-shoring" and its market implications "Globalization is not something we can hold off or turn off . . . it is the...

Max Gnesi

ECB Financial Stability Review

Point Break - November 2022 Report - Our Takeaways "Johnny has his own demons. Don't you, Johnny? "(Point Break 1991). Everyone has...

Trading Floor

Max Gnesi

US Sep Inflation Data Preview

Supply-side vs. Core CPI - Portfolio Construction Implications US Consumer price data for September will be released on Thursday. ...

Max Gnesi

Btp-Bund Spreads

The Canary in the Coalmine of a Stagflationary Debt Crisis? There are a few open questions when it comes to analysing the dynamics of the...