S-REITs: Cautionary Short Term in View of the Interest Rate Front

ESR REIT: Look past Near-Term Results, the Story Is on Inorganic Growth Trajectory

FOMC Statement - Accepting Inflation, Moving Forward With Policy

Senior Macro Strategist, TS Lombard

Martin Shenfield

Senior Macro Strategist

Research covering economic, politics & markets

TS Lombard

TS Lombard is the new research group formed through the merger of Lombard Street Research and Trusted Sources in August 2016. The merger has brought together two of the leading, and longest established, IRPs to create a unique offering combining best-in-breed macroeconomic forecasting and political and policy analysis. The group has a team of 25 analysts and strategists across offices in London, New York, Hong Kong, Beijing, Sao Paulo and New Delhi. 

LSR was founded in 1989 to produce UK economic forecasts. Services now include global macro analysis and forecasting,  in depth China coverage, proprietary indicators and models, asset allocation recommendations and tactical trading ideas. LSR ranked above BCA for the first time in the 2016 Extel survey of buy-side investors. 

Trusted Sources was founded in 2006 to provide political risk coverage of BRIC economies. Services now include country political risk coverage, in depth China policy coverage, MENA coverage, LatAm coverage, South East Asia coverage and asset allocation and tactical trading ideas. 

Core research capabilities: 
The framework combines macroeconomic forecasts with political and policy analysis to enable investors to make more fully informed allocations. TS Lombard encourages interaction with their team through on-site meetings and calls, conference calls, video presentations, lunches and conferences.  The group provides tailored services through client-specific combinations of research reports (daily, weekly, fortnightly, monthly and quarterly as appropriate) including: 

China In Depth
LSR Daily Note
LSR View
Macro Picture
Asset Allocation
Macro Strategy
Country Policy/Political Notes
EM Strategy Monthly
EM Absolute Views

Geographic coverage and strategies:
Developed Markets (USA, Europe, UK, Japan), Emerging Markets (China, India, SE Asia, LatAm, MENA, Russia), Strategies (Asset Allocation (6 months), Tactical Trade ideas (6-12 weeks)). 


Macroeconomics

The ISM survey confirmed our long held optimism for an acceleration in capex to drive the next growth leg as our US Economist Steve Blitz sets out below.It also suggests our more hawkish view on eventual Fed rate hikes in 2018 is more likely to play out. Growth momentum in Q3 belongs to manufacturing. In the chart below we deconstruct the new orders data from the ISM Survey into its NSA net value (% better - % worse) and compare it to prior years. The net is far better than last year and the…

The ISM survey confirmed our long held optimism for an acceleration in capex to drive the next growth leg as our US Economist Steve Blitz sets out below.It also suggests our more hawkish view on eventual Fed rate hikes in 2018 is more likely to play out. Growth momentum in Q3 belongs to manufacturing. In the chart below we deconstruct the new orders data from the ISM Survey into its NSA net value (% better - % worse) and compare it to prior years. The net is far better than last year and the…

Manufacturing Boom - Fed More Hawkish in 2018?