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: Mar-20 Sales Reveal Sectoral Level Hits

UK: Jobs Making All the Right Moves at End-19

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 dropped 3.9 points to 47.8, which is where it broadly was throughout 19H2. Output and new orders decline by more, with the latter likely to cause a deeper decline in April unless the UK lockdown starts to ease.</em></li>
<li><em>Energy is providing a positive partial offset as home-workers raise demand, but industrial gas demand was merely back to its seasonal norm in March. Most of the economic damage from the lockdown should fall later and in the services sectors.</em></li>
</ul>


The UK manufacturing PMI dropped 3.9 points to 47.8, which is where it broadly was throughout 19H2. Output and new orders decline by more, with the latter likely to cause a deeper decline in April unless the UK lockdown starts to ease.
Energy is providing a positive partial offset as home-workers raise demand, but industrial gas demand was merely back to its seasonal norm in March. Most of the economic damage from the lockdown should fall later and in the services sectors.


UK: IP Shutdown Starts Small in Mar-20