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

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

<ul>
<li>
Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.</li>
<li>
Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.</li>
<li>
Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.</li>
</ul>



Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.

Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.

Improved Credibility and Resilience: Post-IL&amp;FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs' role as critical pillars of India’s financial system.


Thematic Report: Credit Rating Agencies - Boring but Beautiful

Independent Economist, Forecaster and Strategist

Thomas Lam

Macroeconomics

<ul>
<li>The financial shock and greater uncertainty, all else equal, imply a disinflationary backdrop</li>
<li>The current trade posture alone implies either a one-off or a more persistent inflationary environment</li>
<li>But comprehending the shocks might not be the real challenge, rather it is about unraveling what is harnessed as a pretext and what is not     </li>
</ul>


The financial shock and greater uncertainty, all else equal, imply a disinflationary backdrop
The current trade posture alone implies either a one-off or a more persistent inflationary environment
But comprehending the shocks might not be the real challenge, rather it is about unraveling what is harnessed as a pretext and what is not     


Jordan
Insights on Jordan

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

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

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Pretexts, My Dear Boy, Pretexts

Do we need to distinguish between shocks and pretexts to better navigate the current environment of heightened uncertainty?

Thomas Lam

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

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

Thematic Report: Credit Rating Agencies - Boring but Beautiful

Analysis of ​Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.

Nimish Maheshwari

Pretexts, My Dear Boy, Pretexts

Do we need to distinguish between shocks and pretexts to better navigate the current environment of heightened uncertainty?

Thomas Lam

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

Analysis of Indian credit rating agencies in terms of credit and non-rating businesses, Growth triggers, issues and valuations.