Global Macro Strategist, Westbourne Research Services

Sharmila Whelan

Global Macro Strategist

Macroeconomic, Geopolitical and Policy Forecasting

Westbourne Research Services

Westbourne Research is a global macroeconomic, geopolitical and policy forecasting and strategic advisory consultancy. Located in London, UK and serving clients globally. Our knowledge is deep, spanning all asset classes and key industrial sectors. Our perspective is global. Our presence is expansive, with 30 years analysing and working in developed and emerging markets. We are uniquely India and China specialists.

Cross Asset Strategy

<ul>
<li>Bond holders should be concerned  about Europe’s fiscal position, which is less rosy than official numbers suggest,  and the looming surge in defence spending.   Stay underweight European government bonds.</li>
<li>Europe’s urgently needs to strengthen its defences. There is some catching up to do -  Europe still spends half as much as the US’s and the gap has widened.</li>
<li>Weaning itself off US arms won’t be easy or quick. Overweight US defence stocks.</li>
</ul>


Bond holders should be concerned  about Europe’s fiscal position, which is less rosy than official numbers suggest,  and the looming surge in defence spending.   Stay underweight European government bonds.
Europe’s urgently needs to strengthen its defences. There is some catching up to do -  Europe still spends half as much as the US’s and the gap has widened.
Weaning itself off US arms won’t be easy or quick. Overweight US defence stocks.


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.</li>
<li>Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.</li>
<li>The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.</li>
</ul>


EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.
Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.
The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.


CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

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 US policy caused market volatility over Easter, creating a 'Trump Collar' to pricing, but the global economy remains unaffected by the attacks and uncertainty.</li><li>The upcoming week will see a heavy release of data, providing insights into current conditions.</li><li>Key data highlights include US payrolls, the ISMs, and Euro inflation for April, while Q1 EA and US GDP are likely to be discounted by the market as outdated information.</li></ul>

The US policy caused market volatility over Easter, creating a 'Trump Collar' to pricing, but the global economy remains unaffected by the attacks and uncertainty.The upcoming week will see a heavy release of data, providing insights into current conditions.Key data highlights include US payrolls, the ISMs, and Euro inflation for April, while Q1 EA and US GDP are likely to be discounted by the market as outdated information.

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>The "ready and agile" ECB allowed another push for more rate cuts.</li><li>The terminal ECB rate requires a good deal of negative news to materialise.</li><li>At the same time, the steepness of the front suggest modest lasting damage to the economy expected.</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.

The "ready and agile" ECB allowed another push for more rate cuts.The terminal ECB rate requires a good deal of negative news to materialise.At the same time, the steepness of the front suggest modest lasting damage to the economy expected.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.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. </li>
<li>India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. </li>
<li>Companies like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>, and <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a> are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.</li>
</ul>


Fluorine chemistry is gaining strategic importance across sectors like pharma, agrochemicals, EVs, and semiconductors, driven by the superior thermal, chemical, and biological properties of fluorinated compounds. 
India is emerging as a global hub in fluorination, supported by backward-integrated capacities, decades of handling expertise, and the global China+1 diversification strategy. 
Companies like SRF Ltd (SRF IN), Gujarat Fluorochemicals (FLUOROCH IN), and Navin Fluorine International (NFIL IN) are scaling up across the value chain from fluoropolymers to battery-grade electrolytes.


Thematic Report: All You Need to Know About Fluorination Industry in India

Finland
Insights on Finland

Europe Vs NATO & Trump - U/W Bonds

European defence spending is still topical and has implications for euro-area public finances and reinforces the underweight on bonds.

Sharmila Whelan

CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

Among the new medicines, Vertex’s triple combination CF drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s cancer...

Tina Banerjee

HEW: Put Inside The Trump Collar

The US policy caused market volatility over Easter, creating a 'Trump Collar' to pricing, but the global economy remains unaffected by the attacks...

Phil Rush

EUR Rates: Front-End Steepness

The "ready and agile" ECB allowed another push for more rate cuts. The terminal ECB rate requires a good deal of negative news to materialise.

Nordea

Thematic Report: All You Need to Know About Fluorination Industry in India

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

Europe Vs NATO & Trump - U/W Bonds

European defence spending is still topical and has implications for euro-area public finances and reinforces the underweight on bonds.

Sharmila Whelan

CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

Among the new medicines, Vertex’s triple combination CF drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s cancer...

Tina Banerjee

HEW: Put Inside The Trump Collar

The US policy caused market volatility over Easter, creating a 'Trump Collar' to pricing, but the global economy remains unaffected by the attacks...

Phil Rush

EUR Rates: Front-End Steepness

The "ready and agile" ECB allowed another push for more rate cuts. The terminal ECB rate requires a good deal of negative news to materialise.

Nordea

Thematic Report: All You Need to Know About Fluorination Industry in India

​Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...

Nimish Maheshwari

Fluorine chemistry's strategic importance is growing in various sectors, with India emerging as a global hub in fluorination, supported by...