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>Inflation data broadly disappointed expectations over the past week. The labour market news was more mixed, but higher UK and US unemployment rates raise eyebrows.</li><li>Policymakers behaved themselves, with no surprises and wide dispersion, including a BOJ hike, while the BoE delivered the finely balanced hawkish cut we expected.</li><li>The release calendar adopts a holiday stance for the next few weeks, with only UK and US Q3 GDP data out before Christmas. This publication will be back on 9 January.</li></ul>

Inflation data broadly disappointed expectations over the past week. The labour market news was more mixed, but higher UK and US unemployment rates raise eyebrows.Policymakers behaved themselves, with no surprises and wide dispersion, including a BOJ hike, while the BoE delivered the finely balanced hawkish cut we expected.The release calendar adopts a holiday stance for the next few weeks, with only UK and US Q3 GDP data out before Christmas. This publication will be back on 9 January.

<ul><li>Stronger wage and service price inflation have shrunk the Q1 target undershoot to only 0.1pp, removing the space that doves hoped might free the ECB to cut again.</li><li>Spending over half the year on hold and in a “good place” creates an inertia that will be hard to break towards another cut. We still see the ECB’s easing cycle as over.</li><li>Rolling the disinflationary trend back a year helps soften hawkish pressures, but losing this amid ongoing strength seems more likely to push the ECB into a hawkish direction.</li></ul>

Stronger wage and service price inflation have shrunk the Q1 target undershoot to only 0.1pp, removing the space that doves hoped might free the ECB to cut again.Spending over half the year on hold and in a “good place” creates an inertia that will be hard to break towards another cut. We still see the ECB’s easing cycle as over.Rolling the disinflationary trend back a year helps soften hawkish pressures, but losing this amid ongoing strength seems more likely to push the ECB into a hawkish direction.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Accenture PLC provides management and technology consulting services and solutions.  The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.  Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

<ul><li>In a move that signals a strategic acceleration into AI infrastructure, Accenture has agreed to acquire a 65% stake in DLB Associates, a specialized engineering firm focused on constructing and managing advanced data centers tailored for artificial intelligence workloads.</li><li>This acquisition, announced December 16, 2025, comes as Accenture wraps up a strong fiscal year marked by $80 billion in bookings, a $2.7 billion revenue haul from advanced AI services, and a broad reorganization into a new unit called Reinvention Services.</li><li>DLB’s 620 employees will be integrated into Accenture’s Industry X practice, aligning well with its push into digital engineering and AI-based transformation projects.</li></ul>

In a move that signals a strategic acceleration into AI infrastructure, Accenture has agreed to acquire a 65% stake in DLB Associates, a specialized engineering firm focused on constructing and managing advanced data centers tailored for artificial intelligence workloads.This acquisition, announced December 16, 2025, comes as Accenture wraps up a strong fiscal year marked by $80 billion in bookings, a $2.7 billion revenue haul from advanced AI services, and a broad reorganization into a new unit called Reinvention Services.DLB’s 620 employees will be integrated into Accenture’s Industry X practice, aligning well with its push into digital engineering and AI-based transformation projects.

Accenture’s AI Power Grab: The Hidden Upside Of The DLB Acquisition!

<ul><li>Another downward food price revision cut HICP inflation back to 2.1% in November, but the effect was only 1.6bp, and services inflation was marginally stronger than before.</li><li>Service prices are not converging on levels consistent with the ECB’s target, and many underlying metrics are too high. The median is a notable exception, broadly below 2%.</li><li>The ECB’s “good place” assessment should be unaffected by any of this, nor the base effects driving things slightly below the target in January. It should sound neutral.</li></ul>

Another downward food price revision cut HICP inflation back to 2.1% in November, but the effect was only 1.6bp, and services inflation was marginally stronger than before.Service prices are not converging on levels consistent with the ECB’s target, and many underlying metrics are too high. The median is a notable exception, broadly below 2%.The ECB’s “good place” assessment should be unaffected by any of this, nor the base effects driving things slightly below the target in January. It should sound neutral.

Flutter Entertainment Public Limited Company provides mobile and online gambling services.

<ul>
<li>Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.</li>
<li>During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.</li>
<li>Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.</li>
</ul>


Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.
During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.
Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.


Flutter Entertainment Plc: Can IGaming Innovation Sustain Its Competitive Edge?

Ireland
Insights on Ireland

HEW: Dovish Data Dumps

Inflation data broadly disappointed expectations over the past week. The labour market news was more mixed, but higher UK and US unemployment...

Phil Rush

ECB: Wishfully Rolling Disinflation

Stronger wage and service price inflation have shrunk the Q1 target undershoot to only 0.1pp, removing the space that doves hoped might free the...

Phil Rush

Accenture’s AI Power Grab: The Hidden Upside Of The DLB Acquisition!

In a move that signals a strategic acceleration into AI infrastructure, Accenture has agreed to acquire a 65% stake in DLB Associates, a...

Baptista Research

EA: Eating A Disinflationary Revision

Another downward food price revision cut HICP inflation back to 2.1% in November, but the effect was only 1.6bp, and services inflation was...

Phil Rush

Flutter Entertainment Plc: Can IGaming Innovation Sustain Its Competitive Edge?

Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.

Baptista Research