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>Resilient activity data does not align with tight policy rates, suggesting deep cuts may not be necessary. Despite the resilience and loosening conditions enjoyed by equities, they should not occur simultaneously. The proximity of equities and GBP to their peaks creates an unattractive asymmetry.</li><li>Next week, stretched market pricing may overshadow other factors due to a sparse data calendar and widespread late summer holidays.</li><li>The main event to look out for is the Flash EA inflation for August, with forecasts indicating a potential renewed slowdown in headline figures, aligning closely with the consensus.</li></ul>

Resilient activity data does not align with tight policy rates, suggesting deep cuts may not be necessary. Despite the resilience and loosening conditions enjoyed by equities, they should not occur simultaneously. The proximity of equities and GBP to their peaks creates an unattractive asymmetry.Next week, stretched market pricing may overshadow other factors due to a sparse data calendar and widespread late summer holidays.The main event to look out for is the Flash EA inflation for August, with forecasts indicating a potential renewed slowdown in headline figures, aligning closely with the consensus.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.</li>
<li>BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.</li>
<li>Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.</li>
</ul>


Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.
BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.
Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.


# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

<ul><li>Broad increases in the flash services PMIs reinforced the signal that global activity remains resilient enough not to require forceful monetary easing.</li><li>Residual seasonality hasn’t appeared in the PMIs again this summer, but it pollutes some unemployment data. A slight majority of countries have a higher UR than a year ago.</li><li>Softening labour market trends from a relatively neutral cyclical position are consistent with gradual and limited rate cuts, even if they need reversing without a recession.</li></ul><p></p>

Broad increases in the flash services PMIs reinforced the signal that global activity remains resilient enough not to require forceful monetary easing.Residual seasonality hasn’t appeared in the PMIs again this summer, but it pollutes some unemployment data. A slight majority of countries have a higher UR than a year ago.Softening labour market trends from a relatively neutral cyclical position are consistent with gradual and limited rate cuts, even if they need reversing without a recession.

<ul><li>The final EA inflation print broadly confirmed the flash release’s surprise rise to 2.58% in July, with services only slowing to 4%. Median rates are pushing above 2% again.</li><li>Annual underlying inflation measures are still slowing, but the extent is being revised higher, and so are headline consensus forecast profiles.</li><li>Renewed slowing over the next two months, while medium-term projections are stable, should allow the ECB to cut in September. Resilience should urge cautious restraint.</li></ul><p></p>

The final EA inflation print broadly confirmed the flash release’s surprise rise to 2.58% in July, with services only slowing to 4%. Median rates are pushing above 2% again.Annual underlying inflation measures are still slowing, but the extent is being revised higher, and so are headline consensus forecast profiles.Renewed slowing over the next two months, while medium-term projections are stable, should allow the ECB to cut in September. Resilience should urge cautious restraint.

<ul>
<li>Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport</li>
<li>Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant</li>
<li>Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities</li>
</ul>


Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport
Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant
Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities


# 48 India Insight: Cabinet INR 33,700 Project, Adani Power Acquire Reliance Power, Hero Tax Notice