AI Generated Content, Heteronomics

Heteronomics AI

AI Generated Content

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 Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.</li>
<li>The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.</li>
<li>Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.</li>
</ul>


The Monetary Authority of Singapore held the S$NEER band’s slope, width and centre, surprising 17 of 20 economists who expected a steeper appreciation path.
The hold raises the bar for further tightening, but energy, food and AI-led wage pressures could still force a January move.
Easing inflation and a shrinking output gap favour an extended pause in the exchange-rate appreciation policy, albeit with risks skewed to another steepening in January.


Chief Economist, Heteronomics

Phil Rush

Chief Economist

<ul>
<li>US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.</li>
<li>The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.</li>
<li>We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.</li>
</ul>


US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.
The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.
We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.


Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

<ul>
<li>Fiscal consolidation in 2026 was stalled, as increased spending on energy subsidies was only partially offset by petroleum and tax revenue windfalls. </li>
<li>While the macroeconomic assumptions underpinning the budget are credible, the reduction in the deficit ratio is largely driven by nominal growth rather than cash consolidation.</li>
<li>The fiscal rules, however, are slipping. A 3.0% deficit target is no longer achievable, and debt is stuck above the statutory target. </li>
</ul>


Fiscal consolidation in 2026 was stalled, as increased spending on energy subsidies was only partially offset by petroleum and tax revenue windfalls. 
While the macroeconomic assumptions underpinning the budget are credible, the reduction in the deficit ratio is largely driven by nominal growth rather than cash consolidation.
The fiscal rules, however, are slipping. A 3.0% deficit target is no longer achievable, and debt is stuck above the statutory target. 


Malaysia Economics: Fiscal Consolidation Stalls in Pre-Election Budget

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li> Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income Flows</li><li>This Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)</li><li>United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)</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.

 Reading the Early Signals Consumer Demand Remains Resilient, but Momentum Is Modest Fixed Income FlowsThis Week Key FocusChina Inflation Rate – September 2026 (Wednesday)China Trade Balance – September 2026 (Wednesday)United States Inflation and Core Inflation Rate – September 2026 (Wednesday)United States Retail Sales – September 2026 (Wednesday)Euro Area Inflation and Core Inflation Rate – September 2026 (Wednesday)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.

BRIDS Weekly Update Economic & Fixed Income Research Monday, Oct 12, 2026

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

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<ul><li>Carbon capture and storage (CCS) is increasingly viewed as a necessary complement to energy efficiency and renewable energy in achieving net zero-emissions.</li><li>The EU has acknowledged this role by establishing a certification framework for carbon removals, carbon farming and carbon storage in products.</li><li>Global CCS deployment is projected to increase from 60 MtCO2/year today to 2.6 GtCO2/year in 2060. </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.

Carbon capture and storage (CCS) is increasingly viewed as a necessary complement to energy efficiency and renewable energy in achieving net zero-emissions.The EU has acknowledged this role by establishing a certification framework for carbon removals, carbon farming and carbon storage in products.Global CCS deployment is projected to increase from 60 MtCO2/year today to 2.6 GtCO2/year in 2060. 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.

Carbon Capture and Storage: what does the future hold?