Global money update: US relative strength
July 31, 2025
US six-month real narrow money momentum recovered in June, in contrast to a further slowdown in the Eurozone and outright weakness in Japan / the UK.
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UK money update: misleading M4ex
July 30, 2025
Moderate growth of the Bank of England’s M4ex measure conceals weak corporate / household money trends.
Eurozone money update: further softening
July 25, 2025
June money numbers cast doubt on ECB President Lagarde’s assertion that policy-makers are “in a good place”.
Value-Up trade revived in South Korea as President Lee takes power
July 21, 2025
In this month’s commentary we cover the surge in South Korean equities fuelled by recently elected President Lee’s embrace of governance reform
EM money update: India hotting up
July 18, 2025
Six-month real narrow money momentum remains stronger in the E7 than G7, with India a new source of strength and China stabilising after a pull-back.
Why has UK money growth slumped?
July 11, 2025
Monetary weakness may partly reflect temporary factors but also signals an overrestrictive policy stance.
A “monetarist” perspective on current equity markets
July 9, 2025
Global six-month real narrow money momentum fell sharply between March and May, suggesting economic weakness from late 2025.
Hong Kong’s US dollar overhang
June 24, 2025
Demand for US dollar deposits may be starting to wane, contributing to weakness in local rates and upward pressure on the RMB.
Chinese money update: losing momentum
June 17, 2025
Chinese monetary trends suggest a continuation of lacklustre economic growth with negligible inflation.
Are EM equities great again?
June 16, 2025
In this month’s commentary we go under the hood of the recent rally in EM equities, and cover Mexico’s controversial judicial elections and their impact on the country’s institutional quality.
A “monetarist” perspective on UK medium-term inflation prospects
June 11, 2025
Historical lags and exchange rate appreciation suggest that disinflation has much further to run.
Disappointing Eurozone / UK money numbers
June 6, 2025
Eurozone / UK money growth has weakened despite rate cuts, suggesting that central banks have more work to do.
Global industrial momentum still weakening
June 5, 2025
Trade disruption and a monetary relapse suggest receding prospects for a H2 recovery in global manufacturing PMI new orders.
Global money update: renewed weakness
June 4, 2025
A hopeful signal from an earlier monetary pick-up has fizzled.
US money update: balance of payments drag
May 30, 2025
US money growth is slowing, suggesting less support for the economy and improving prospects for rate cuts.
Connor, Clark & Lunn
Financial Group Ltd.
NS Partners is an affiliate of Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group), one of the largest private, independently held asset management firms in Canada. Together, we provide a broad range of distinct and independently managed traditional and alternative investment products and services to investors through a diverse family of affiliates.
For additional information on NS Partners Ltd, please contact:
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Jean-Philippe Lemay
Managing Director,
Head of Institutional Sales, Global
Eric Hasenauer
Senior Vice President,
Co-Head of Institutional Sales, USA
John Ricketts
Senior Vice President,
Co-Head of Institutional Sales, USA
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