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 Partially Recovers into 2018 Yearend

FLASH: UK GDP Boosted by Consumers in Nov-18

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

FLASH: UK PMI Manu’ Partially Rebounds in Nov-18

FLASH: UK GDP Offset Vehicle Disruption in Oct-18

FLASH: UK's Nov-18 Slowdown May Be the Trough

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 increased by 0.6-points to 54.2 in Dec-18, contrary to Consensus expectations of a decline towards the weaker euro area readings.</em></li>
<li><em>Inventory accumulation was mostly responsible for the headline strength. Car manufacturing weakness may offset this in Q4, though, and energy looks set to weigh on overall industrial production.</em></li>
</ul>


The UK’s manufacturing PMI increased by 0.6-points to 54.2 in Dec-18, contrary to Consensus expectations of a decline towards the weaker euro area readings.
Inventory accumulation was mostly responsible for the headline strength. Car manufacturing weakness may offset this in Q4, though, and energy looks set to weigh on overall industrial production.


FLASH: UK PMI Builds on Inventories in Dec-18