Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

FLASH: UK PMIs Pare Some Excess Pain in Feb-19

FLASH: UK GDP Resurgence Raises 1Q19 Forecast

UK: IP Indicators Boom Above Peers in Mar-19

FLASH: UK IP Relies on Energy to Grow in Jan-19

FLASH: UK PMIs Overstate Sour Start to 2019

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><em>The UK’s manufacturing PMI slipped to 52.0, as expected, which is much better than the Euro area. Official manufacturing data remain weaker, though.</em></li>
<li><em>A cold snap in January turned to unseasonable warmth in February, thereby raising volatility in energy utility output. Gas extraction looks likely to lean against this effect within IP, but the net effect has knocked my forecasts around nonetheless.</em></li>
</ul>


The UK’s manufacturing PMI slipped to 52.0, as expected, which is much better than the Euro area. Official manufacturing data remain weaker, though.
A cold snap in January turned to unseasonable warmth in February, thereby raising volatility in energy utility output. Gas extraction looks likely to lean against this effect within IP, but the net effect has knocked my forecasts around nonetheless.


FLASH: UK IP Buffeted by Energy Volatility in 1Q19