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 Industry Mostly Strong in Sep-17

FLASH: UK Industry Supports 0.4% Q3 GDP Growth

FLASH: UK Q2 GDP Strengthens Q3 and Nominally

FLASH: UK Manufacturing PMI Dip No Hurdle to Hike

FLASH: UK Car Sales Recovering; Stress Would Be Nonlinear

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 UK’s manufacturing PMI increased to 56.3 in October, which was in the upper quartile of the Consensus. Some further strength is likely to occur as the UK survey reconverges with the euro area’s balance over 2-points higher.</li>
<li>Input prices and lead times are also rising amid “intense competition” for resources, which provides additional evidence of underlying inflationary pressures. The BoE still looks set to begin a hiking cycle with its upcoming decision.</li>
</ul>Some of October’s slippage in the UK…


The UK’s manufacturing PMI increased to 56.3 in October, which was in the upper quartile of the Consensus. Some further strength is likely to occur as the UK survey reconverges with the euro area’s balance over 2-points higher.
Input prices and lead times are also rising amid “intense competition” for resources, which provides additional evidence of underlying inflationary pressures. The BoE still looks set to begin a hiking cycle with its upcoming decision.
Some of October’s slippage in the UK…

FLASH: UK Mfg PMI Rises with Room for More