Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably push it higher again in May.</li><li>Underlying inflationary pressures have continued falling, with most statistical measures under 3% y-o-y with monthly impulses at or slightly below the ECB’s target.</li><li>Like the consensus, we expect inflation to stay close to 2%. This outlook and subdued underlying pressures will likely ease the ECB’s decision to start cutting rates in June.</li></ul>

The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably push it higher again in May.Underlying inflationary pressures have continued falling, with most statistical measures under 3% y-o-y with monthly impulses at or slightly below the ECB’s target.Like the consensus, we expect inflation to stay close to 2%. This outlook and subdued underlying pressures will likely ease the ECB’s decision to start cutting rates in June.

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics.</li><li>Its pipeline features two assets: NaviCap, for targeted drug delivery in GI diseases & BioJet, for oral delivery of biologics.</li><li>NaviCap's BT-600 trial has completed the SAD & MAD cohorts & should report results in June.</li></ul>

Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics.Its pipeline features two assets: NaviCap, for targeted drug delivery in GI diseases & BioJet, for oral delivery of biologics.NaviCap's BT-600 trial has completed the SAD & MAD cohorts & should report results in June.

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Wheat prices are experiencing a significant resurgence due to extreme weather events and global supply-demand imbalances. Price is 22% higher over the past month. </li>
<li>May WASDE report indicates a positive outlook for global wheat production despite recent weather challenges, suggesting potential underestimations in global supply disruptions. </li>
<li>The anticipated shift to La Niña, coupled with historically low stocks-to-use ratios, threatens global wheat supply, heightening the potential for increased market volatility and price spikes.</li>
</ul>


Wheat prices are experiencing a significant resurgence due to extreme weather events and global supply-demand imbalances. Price is 22% higher over the past month. 
May WASDE report indicates a positive outlook for global wheat production despite recent weather challenges, suggesting potential underestimations in global supply disruptions. 
The anticipated shift to La Niña, coupled with historically low stocks-to-use ratios, threatens global wheat supply, heightening the potential for increased market volatility and price spikes.


Harvest Headwinds: Extreme Weather and Wheat's Price Surge

Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.</li>
<li>Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.</li>
<li>This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.</li>
</ul>


Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.
Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.
This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.


Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>With no slowdown in sight for the US economy, the Fed will need to see several months of even slower price data before cutting rates.</li><li>September is probably too soon, and we now expect the first US cut in December whereas the ECB will start in June.</li><li>Chairman Powell outlined the Fed's reaction function at their latest post-meeting press conference. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With no slowdown in sight for the US economy, the Fed will need to see several months of even slower price data before cutting rates.September is probably too soon, and we now expect the first US cut in December whereas the ECB will start in June.Chairman Powell outlined the Fed's reaction function at their latest post-meeting press conference. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EA Inflation Eases ECB Cut in June

The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably...

Phil Rush

BIOR: BT-600 Data in June

Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics. Its pipeline features two assets:...

Zacks Small Cap Research

Harvest Headwinds: Extreme Weather and Wheat's Price Surge

Global wheat prices are surging due to extreme weather and supply-demand imbalances, with potential for further volatility and price spikes as La...

Mint Finance

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Major forecasts: Divergence

With no slowdown in sight for the US economy, the Fed will need to see several months of even slower price data before cutting rates.

Nordea

EA Inflation Eases ECB Cut in June

The final EA HICP inflation print confirmed the unsurprising stability at 2.4% in the April flash release. Energy price base effects will probably...

Phil Rush

BIOR: BT-600 Data in June

Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics. Its pipeline features two assets:...

Zacks Small Cap Research

Harvest Headwinds: Extreme Weather and Wheat's Price Surge

​Global wheat prices are surging due to extreme weather and supply-demand imbalances, with potential for further volatility and price spikes as La...

Mint Finance

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

​Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Major forecasts: Divergence

With no slowdown in sight for the US economy, the Fed will need to see several months of even slower price data before cutting rates.

Nordea

Global wheat prices are surging due to extreme weather and supply-demand imbalances, with potential for further volatility and price spikes as La...

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.