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 Services Subdued Back to Q1 Lows

FLASH: UK PMI's Temporary Dip Still Stronger than IP

FLASH: UK Industry Hacks GDP and August Hike Risk

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

• The UK’s manufacturing PMI remained near its highest in 3yrs, at 56.7, consistent with the ongoing global sector’s strength. This rise should support a rebound in IP. • Energy had also weighed on IP in Q1. Neither April nor May saw a rebound in electricity flows on the national grid, with oil and gas extraction falling in April. This weakness should restrain the Q2 recovery in IP.The UK manufacturing PMI had made a sharp recovery in April, after three months of slowing. As this was just…

• The UK’s manufacturing PMI remained near its highest in 3yrs, at 56.7, consistent with the ongoing global sector’s strength. This rise should support a rebound in IP. • Energy had also weighed on IP in Q1. Neither April nor May saw a rebound in electricity flows on the national grid, with oil and gas extraction falling in April. This weakness should restrain the Q2 recovery in IP.The UK manufacturing PMI had made a sharp recovery in April, after three months of slowing. As this was just…

FLASH: UK PMI Supports IP, Unlike Energy