Global money update: August weakness
September 25, 2026
Monetary trends may be starting to confirm a negative 2027 economic outlook suggested by cycle analysis.
NS Partners is a research-driven, active manager that combines its
Stock selection is based on identifying companies that are expected to generate increasing economic — not accounting — profit (i.e., where returns on invested capital exceed their cost of capital). We closely monitor monetary conditions in the major economies and maintain a strategic bias to those companies, industries, and countries that have superior long-term growth potential.
Our rigorous research and screening process results in team members, each a specialist in a particular country or region, explaining the rationale for investing in the company before the stock is included in the portfolio. Decisions to buy or sell are made within a broader framework that looks at:
Buy thesis
Industry outlook
EVA
Addressable market and competitive dynamics
Contribution to portfolio risk
NS Partners’ overall objective is to maximize exposure to the best
market opportunities while keeping the portfolio within acceptable
risk tolerance levels and ensuring proper diversification of
investment ideas.
Insights
Read More
Are we all emerging markets now?
September 17, 2026
China’s export machine risks provoking a political backlash among trading partners struggling to absorb a glut of high-end manufactured goods.
Cycle update: expected 2027 weakness crystallising
September 17, 2026
The short-term stockbuilding cycle is rolling over with the long-term housing cycle on track to accelerate into a 2027-28 low.
Global money update: cooler despite US
September 4, 2026
Money trends suggest that global economic momentum is peaking in Q3, with downside risk focused on Europe and Japan.
Eurozone money update: French weakness
August 27, 2026
Monetary trends continue to suggest coming economic disappointment.
US money update: more strength
August 26, 2026
Monetary trends continue to suggest too-loose policy.
Japanese money update: further weakness
August 20, 2026
Rising QT and f/x intervention are intensifying a monetary squeeze.
AI reflexivity and EM rotation
August 18, 2026
The AI bulls are tested by a huge momentum unwind through July despite fundamentals accelerating. Meanwhile, there are signs that the rally in emerging markets is starting to broaden out despite a challenging macro backdrop.
More UK stop-go
August 13, 2026
Money trends signalled better H1 economic growth but now suggest renewed weakness.
Global money update: US lift
August 7, 2026
US monetary acceleration has tempered an earlier signal of a H2 global economic slowdown.
Taking stock of EM performance
July 31, 2026
India has fallen out of favour with emerging market investors as attention has shifted to North Asian technology stocks.
US money update: further acceleration
July 29, 2026
Monetary buoyancy puts Fed Chair Warsh in a bind.
Eurozone money update: signal still downbeat
July 28, 2026
Monetary trends suggest that recent PMI improvement will prove temporary.
China beyond the headlines
July 22, 2026
Reassessing China’s risk for EM investors.
A cynical view of central bank money-speak
July 22, 2026
References to money trends in Fed and Bank of England reports represent tokenism, with no implications for policy.
For additional information on NS Partners Ltd, please contact:
![Jean-Philippe-Lemay, CC&L FG [504x504_03]](https://ns-partners.cclgroup.com/wp-content/uploads/sites/3/2025/06/FG_-Jean-Philippe-Lemay_504x504_03.jpg)
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
Please take the time to carefully read the following as it contains important information regarding certain restrictions imposed by statute and the applicable securities regulatory authorities on the distribution of information through this website.
Material presented on this website should be considered for background information only and should not be construed as investment or financial advice. Further, information on this website should not be construed as an offer or solicitation by the Connor, Clark & Lunn group of companies to provide investment management services or to buy or sell any products.
The NS Parters Ltd. (NS Partners) website may contain hyperlinks to websites operated by parties other than NS Partners. Such hyperlinks are provided for your reference only. NS Partners does not control such websites and is not responsible for their contents. The inclusion by NS Partners of hyperlinks to other websites does not imply any approval or endorsement of the material on such websites or any association with their operators.
The Connor, Clark & Lunn group of companies includes a number of entities that may be registered as investment advisers, investment fund managers and exempt market dealers in various provinces and territories of Canada. A number of entities are also registered with the Unites States Securities and Exchange Commission as advisers in that country and the Connor, Clark & Lunn group of companies also includes a number of investment advisers and fund managers that are authorized and regulated by the Financial Conduct Authority in the United Kingdom. The information provided on this website regarding each entity is directed solely towards qualified investors in jurisdictions where the appropriate entity is registered. Services offered by any of the entities in the Connor, Clark & Lunn group of companies are offered solely to qualified residents of the jurisdictions where the entities are qualified to do business.
Certain securities regulations prohibit the publication of specific registration information about the registered entities in the Connor, Clark & Lunn group of companies. For more information, please contact the Connor, Clark & Lunn Compliance Department at [email protected] or 604-685-2020.
NS Partners Ltd.
December 7, 2021