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.
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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.
More signs of Eurozone softening
September 10, 2025
Other indicators support the monetary forecast of a loss of economic momentum.
Global money update: further slowdown
August 28, 2025
Monetary trends suggest weakening economic prospects for late 2025 / early 2026.
UK QT has been a costly mistake
August 27, 2025
QT has been fiscally expensive, is contributing to worrying monetary weakness and wasn’t required on operational grounds.
Brazilian Blackjack revisited
August 20, 2025
Running count improves as low cards exit the deck.
Why inflation pessimism is premature
August 13, 2025
The monetary conditions for a second inflation rise into the Kondratyev peak have yet to fall into place.
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