Macro & policy
Growth, inflation and central banks in the United States and the Euro Area, and what they mean for markets.
Research
Research that ends in a conclusion.
Written notes on the economy, financial markets and agricultural markets — what matters, why, and what would change our view.
Series
Our research series
Systematic positioning report
Where trend followers and other systematic funds are positioned, how much they would buy or sell as prices move, and the levels where that pressure builds.
See the series and request a sampleCross-asset report
What changed across rates, FX, equities, credit and commodities, and what it means.
See the series and request a sampleSystematic fair value report
The largest rich and cheap readings across markets against their fundamental anchors, and how far each has stretched.
See the series and request a sampleAgricultural markets research
Weather and crops, demand and trade, costs, policy and money flows across grains, oilseeds and related markets.
See the series and request a sampleCoverage
Three areas, one house view.
Financial markets
Positioning, flows, valuation and event risk across rates, FX, equities, credit and commodities.
Agriculture & commodities
Weather and crops, demand and trade, costs, policy and money flows across grains, oilseeds and related markets.
Structure
Built the same way, every time.
The conclusion first
Each note opens with what we think and why it matters.
The evidence
Data and models that support the view — and the evidence that cuts against it.
The implications
What it means for markets, prices and decisions.
What would change our view
The developments that would make us think again.
Example
Delivery
Delivered where you read.
Research arrives by email with a PDF attached, so it reaches you even where institutional systems block web platforms. Portal clients also find every note in the portal.