Inside Track – October 2018

This month’s topics are:

  • The global economic outlook is deteriorating, while a combination of (1) global debt overhang and (2) rising tensions (not only trade) between the US and China is imposing a hard ceiling on any possible upside.
  • The era of “patriotic capitalism” is upon us. As inter-state competition and rivalry rises, countries all around the world will favour their national champions.
  • Almost all equity markets had a horrible month. As always, there isn’t a single catalyst, but rather a host of triggers.
  • Jamal Kashoggi’s murder is a monumental setback for Saudi’s economic reforms.
  • This month, there are two unsettling bits of news about Europe.
  • Brazil becomes the latest country to turn away from liberalism and to coalesce around the rule of a strongman.
  • It is often said that technology destroys jobs but not work. True indeed. Many new jobs are being created beyond tech.
  • The latest IPCC report on climate makes grim reading. Its overarching conclusion is that every fraction of a degree of warming matters, we have as little as 12 years to act.

Download the full report: October’s Inside Track