Chinese money update: lacklustre outlook
November 14, 2025
October money / credit numbers were mixed, suggesting a continuation of sluggish economic growth.
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Flows before pros?
November 10, 2025
Structural liquidity and investor flows are reshaping market dynamics and asset prices in emerging markets.
Manufacturing roll-over?
November 6, 2025
The forecast of an inflection weaker in global manufacturing PMI new orders is supported by the “internals” of the latest survey.
Global money update: slowdown on pause
October 29, 2025
Global six-month real narrow money momentum recovered for a second month in September, though remains below a March peak.
Eurozone money update: sluggish as she goes
October 28, 2025
Monetary trends continue to cast doubt on economic optimism.
Are global monetary “buffers” exhausted?
October 21, 2025
A modified “monetarist” approach suggests that money stocks are no longer exerting an upward pull on nominal GDP and asset prices.
Rallying EM equities led by re-rating potential in perennially cheap South Korean equities
October 17, 2025
Large caps lead EM higher, and South Korea’s Value-Up is still in play.
Chinese money update: steady as she goes
October 17, 2025
Chinese money trends suggest a continuation of sluggish economic growth and a supportive liquidity environment for markets.
Monetary risks from private credit
October 14, 2025
Credit tightening in private markets may mark the end of a boom in US bank lending to shadow banks, with negative monetary implications.
A “monetarist” perspective on current equity markets
October 7, 2025
Recent slower money growth is consistent with a cyclical perspective suggesting economic / market weakness in 2026-27.
Unpleasant UK fiscal arithmetic
September 25, 2025
The November Budget needs to deliver an early return to a primary surplus to calm fears of a fiscal doom loop.
A short Fed easing window?
September 25, 2025
A simple model suggests that the window for rate cuts will close in early 2026 if the economy tracks the median FOMC forecast.
Don’t buy the duds in China: Quality companies remain cheap despite the recent rally
September 18, 2025
The broad market in China now trades in line with the long-term average valuations. Which begs the question, is there any fuel left in this rally?
UK underlying inflation has slowed
September 17, 2025
A measure of UK annual core CPI inflation excluding direct policy effects has fallen by 0.5 pp over the past year.
Chinese money update: still supportive
September 16, 2025
The Chinese economy has slowed sharply but money trends are giving a modestly reassuring signal.
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.
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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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NS Partners Ltd.
December 6th, 2021