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

UK Inflation: Oct-19 Surprise Repeats History

UK: Inaugural Flash PMI Is Messy in Nov-19

UK: IP Contracting to 2017 Levels in Mid-19

UK: Uncertainty Effect Intensifies in Sep-19

UK: GDP Rebound Crushes Current Recession Fear

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 manufacturing PMI bounced to 49.6 in Sep-19, despite the weakness in the CBI survey and elsewhere in Europe, which makes it seem unlikely to last.</em></li>
<li><em>Further falls in manufacturing output through yearend are currently offset in my forecast by energy utility output. Nonetheless, IP languishes at end-2016 levels.</em></li>
</ul>


The UK manufacturing PMI bounced to 49.6 in Sep-19, despite the weakness in the CBI survey and elsewhere in Europe, which makes it seem unlikely to last.
Further falls in manufacturing output through yearend are currently offset in my forecast by energy utility output. Nonetheless, IP languishes at end-2016 levels.


UK: IP Bounce Around Gloomy Levels in Oct-19