Macro Microscope

In this episode of Macro Microscope: Indrani De, highlights three key transmission channels through which trade uncertainty could impact developed and emerging equities' within G20 countries. John Dioufas, delves into the impact of macro uncertainty on central bank actions, economic surprises and signs in market pricing. How are the markets preparing for increased volatility?

2025’s first Macro Microscope explores a key topic reflecting the changing global landscape: the valuation re-rating of emerging markets (EMs). Indrani discusses how raising Fed rates no longer distresses EMs and the "catch-up story" in equity markets. John analyses the macro reasons behind EMs' positive outlook, focusing on India and Indonesia. 

In this episode of Macro Microscope, Indrani De, CFA, PRM, explores the stark shift in financial market behaviours across countries. She dives deep into the southern peripheral economies of the Eurozone, focusing on equities and fixed income, before moving focus to the APAC region to examine the relationship between Chinese and Japanese yields. John Dioufas delves into potential deflation in China and contrasts it with the US, where persistent inflation is expected to drive higher future interest rates. What do these different scenarios mean?

In our fifth episode of Macro Microscope, Indrani De and John Dioufas discuss surprising market trends they are seeing in 2024 and whether they are signs of regime change. Indrani focuses on a key theme of 2024: hidden under a broad market rally are some unusual trends, before handing over to John for a deep-dive into economic fragmentation.

In this episode of Macro Microscope, the focus is on sources of uncertainty in financial markets and their impact. Indrani De looks at short term market returns and implied volatility around the U.S. Presidential elections, and returns in various years of the four-year Presidential term, tying it into economic uncertainty. John Dioufas uncovers 40 ‘extraordinary economic surprises’ from his recent global analysis.  What does this mean to an investor?

In our third episode of Macro Microscope, John Dioufas and Indrani De discuss some really interesting changes on the near horizon and the uncertainty that they bring. John shares his views on probable US Fed reserve interest rate paths, alongside inflation and growth expectations. Whilst Indrani addresses whether we are at an inflection point in the growth and recession narrative, and the implications around the US election.

Indrani and John discuss divergence and dispersion in financial markets—where impact has been most significant, and the trends being seen today. John reviews central bank policies, money supply growth rates and financial market drivers, whilst Indrani emphasises the effect that positive, and negative, stock-bond correlations have on diversification benefits.

Indrani De, CFA, PRM, Head of Global Investment Research, FTSE Russell and John Dioufas, Director, Datastream and Macroeconomics, discuss what is really driving inflation and the implications for financial markets. John focuses on the UK and Eurozone, covering spikes in gas and oil, and the ‘seasonal effect,’ while Indrani views inflation from a US perspective, highlighting the longer picture well-beyond Fed rate cut expectations for this year.