Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Sector-Specific Issues Add to Macroeconomic Challenges Facing US Corporations

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

<ul>
<li>US economic resilience can be explained by corporations not experiencing the same magnitude of interest rate hikes endured by banking customers due to their ability to raise capital market funding. </li>
<li>US corporate buyback activity has fallen significantly since 2022 Q1 due to uncertainty about the economic outlook. The new 1% buyback tax has hitherto not significantly impacted S&amp;P500 operating EPS. </li>
<li>Animal spirits within the corporate sector are difficult to gauge. Proxies for animal spirits do not currently indicate high levels and are seemingly at odds with tight labour market conditions.</li>
</ul>


US economic resilience can be explained by corporations not experiencing the same magnitude of interest rate hikes endured by banking customers due to their ability to raise capital market funding. 
US corporate buyback activity has fallen significantly since 2022 Q1 due to uncertainty about the economic outlook. The new 1% buyback tax has hitherto not significantly impacted S&amp;P500 operating EPS. 
Animal spirits within the corporate sector are difficult to gauge. Proxies for animal spirits do not currently indicate high levels and are seemingly at odds with tight labour market conditions.


US Corporate Animal Spirits Dented by Fed Policy Normalisation, but Profits Remain Resilient