Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li>We had a bunch of meetings in Beijing last week, the views from Beijing were relatively relaxed about the Chinese economy, if not the global economy. We put out a Weebits note earlier this week called China Country Visit: Surprisingly Upbeat.</li><li>Then we travelled to Jakarta where the mood was much more subdued, although still a degree of feeling that there was resilience in the Indonesian economy, partly because it's not that open to international trade.</li><li>The Weebits note, Indonesia Country Visit: Danantara, was released on Wednesday. More in-depth reports on China and Indonesia will be published in coming weeks.</li></ul>

We had a bunch of meetings in Beijing last week, the views from Beijing were relatively relaxed about the Chinese economy, if not the global economy. We put out a Weebits note earlier this week called China Country Visit: Surprisingly Upbeat.Then we travelled to Jakarta where the mood was much more subdued, although still a degree of feeling that there was resilience in the Indonesian economy, partly because it's not that open to international trade.The Weebits note, Indonesia Country Visit: Danantara, was released on Wednesday. More in-depth reports on China and Indonesia will be published in coming weeks.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 10 April 2026

Leading Air Cargo Price Platform, TAC Index

TAC Index

Leading Air Cargo Price Platform

TAC Index Is the Leading Provider of Risk Management Information Services for the Air Cargo Industry, Delivering Market-Neutral, Innovative Products That Empower Economists, Financial Institutions, and Governments to Make Smarter, Data-Driven Decisions and Reduce Their Exposure to Air Cargo Trade Risk.

Cross Asset Strategy

<ul>
<li>Global air freight rates kept going up last week as the war in the Middle East continued to roil markets according to the latest data from TAC Index, the leading price reporting agency on air freight.</li>
<li>The global Baltic Air Freight Index (BAI0) calculated by TAC gained another +5.1% over the week to April 6, leaving it now ahead by +15.8% over 12 months.</li>
<li>With the price of jet fuel remaining elevated, and supply now scarce in some locations, sources do not anticipate a return to normal conditions any time soon – even if there is a swift resolution to the conflict in the Gulf.</li>
</ul>


Global air freight rates kept going up last week as the war in the Middle East continued to roil markets according to the latest data from TAC Index, the leading price reporting agency on air freight.
The global Baltic Air Freight Index (BAI0) calculated by TAC gained another +5.1% over the week to April 6, leaving it now ahead by +15.8% over 12 months.
With the price of jet fuel remaining elevated, and supply now scarce in some locations, sources do not anticipate a return to normal conditions any time soon – even if there is a swift resolution to the conflict in the Gulf.


TAC Index Weekly Air Cargo Bulletin 06 April 2026

Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

<ul>
<li>
Non-oil PMI’s in the region are falling. Kuwait, liquidity measures tank the forward curve .
</li>
<li>
Bahrain, FX reserves increase for the second month in a row.
</li>
<li>
 Egypt, CBE leaves rates unchanged. Egypt, the Pound the biggest casualty in the region.
</li>
</ul>



Non-oil PMI’s in the region are falling. Kuwait, liquidity measures tank the forward curve .


Bahrain, FX reserves increase for the second month in a row.


 Egypt, CBE leaves rates unchanged. Egypt, the Pound the biggest casualty in the region.



External broker reports(aggregated public sources), BNP Paribas

BNP Paribas

External broker reports(aggregated public sources)

Based in Paris, BNP Paribas' Economic Research Department is composed of economists and statisticians: The OECD Economics team, in charge of macroeconomic and financial forecasts, and the team of statisticians, both headed by Hélène Baudchon. The Emerging Economies and Country Risk team, led by François Faure and assisted by Christine Peltier, responsible for assessing country risk and its components. The Banking Economics team, led by Laurent Quignon, studies the banking systems of major developed countries and the impact of prudential standards. 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>Inflation in both the Eurozone and France is expected to return to levels not seen since the summer of 2024.</li><li>In March, we forecast 2.6% y/y in the Eurozone (compared with 1.9% in February).</li><li>In France, where inflation is starting from a much lower base (1.1% in February), it is expected to reach 1.7% y/y in March, rising to 2.1% in May.</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.

Inflation in both the Eurozone and France is expected to return to levels not seen since the summer of 2024.In March, we forecast 2.6% y/y in the Eurozone (compared with 1.9% in February).In France, where inflation is starting from a much lower base (1.1% in February), it is expected to reach 1.7% y/y in March, rising to 2.1% in May.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.

Inflation in the Eurozone and France: the start of a rebound

<ul><li>Global air freight rates continued to rise sharply last week as war in the Middle East raged on and market activity remained affected, according to the latest data from TAC Index, the leading price reporting agency on air freight markets.</li><li>The global Baltic Air Freight Index (BAI00) calculated by TAC gained another +6.2% over the week to March 23, putting it up by +3.1% from 12 months earlier – with jet fuel prices having more than doubled in the past month, according to Platts data, and fuel surcharges starting to be more widely applied.</li><li>Rates were up sharply from most locations out of Asia, including on the busiest lanes from China not only to Europe but also to the US.</li></ul>

Global air freight rates continued to rise sharply last week as war in the Middle East raged on and market activity remained affected, according to the latest data from TAC Index, the leading price reporting agency on air freight markets.The global Baltic Air Freight Index (BAI00) calculated by TAC gained another +6.2% over the week to March 23, putting it up by +3.1% from 12 months earlier – with jet fuel prices having more than doubled in the past month, according to Platts data, and fuel surcharges starting to be more widely applied.Rates were up sharply from most locations out of Asia, including on the busiest lanes from China not only to Europe but also to the US.

TAC Index Weekly Air Cargo Bulletin 23 March 2026

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Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 10 April 2026

We had a bunch of meetings in Beijing last week, the views from Beijing were relatively relaxed about the Chinese economy, if not the global...

Dr. Jim Walker

TAC Index Weekly Air Cargo Bulletin 06 April 2026

Global air freight rates kept going up last week as the war in the Middle East continued to roil markets according to the latest data from TAC...

TAC Index

Middle East FX & Egypt (6th April 2026)

Non-oil PMI’s in the region are falling. Kuwait, liquidity measures tank the forward curve .Bahrain, FX reserves increase for the second month in a...

MENA Market Lab

Inflation in the Eurozone and France: the start of a rebound

Inflation in both the Eurozone and France is expected to return to levels not seen since the summer of 2024.In March, we forecast 2.6% y/y in the...

BNP Paribas

TAC Index Weekly Air Cargo Bulletin 23 March 2026

Global air freight rates continued to rise sharply last week as war in the Middle East raged on and market activity remained affected, according...

TAC Index

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)