The MUFG Global Markets Podcast
Join the MUFG Global Markets Research Team for expert analysis of the week's most pressing topics impacting economies and the markets
Episodes
The US dollar is closing out this week weaker with a heavy schedule of risk events next week. USD/JPY corrected 10 big figures lower high-to-low in July to date and hence there will be a lot of focus on the BoJ policy decision next week. That will be followed by the FOMC meeting later on Wednesday while the BoE meets on Thursday. The week ends with the US jobs report. Listen to Derek Halpenny, Head of Research, Global Markets EMEA ...
Lin Li, Head of Global Markets Research Asia, discussed the main takeaways from the Third Plenum of the 20th Central Committee of the Communist Party of China, the direction of property sector reform and the PBoC's surprise policy rates cut on 22 July.
Lee Hardman, Senior Currency Analyst, and Seiko Kataoka-Fisher, Director from Japanese Customer Sales for EMEA in London, discuss why the JPY has been strengthened sharply over the past week and whether it is likely to extend further. Will the BoC follow the ECB’s lead and leave rates on hold next week?
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Steel may exist as a critical product in today’s global economy, but it’s also a significant source of carbon emissions. What kind of a role could green steel play in the path towards net zero?
In this week’s podcast, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), delves into this theme, wherein he discusses why green hydrogen-based steel – a market that already exists in Europe and will likely be ma...
This week George Goncalves, MUFG Head of U.S. Macro Strategy, reviews recent market, macro and political events in the US. George and team have been focused on the lags of monetary policy, the lags in how long its been taking for sticky inflation to unwind and the data discrepancies in the true health of the US labor market. The latest CPI report showed a better than expected inflation reading, which was a welcome sign and consist...
Lee Hardman, Senior Currency Analyst, and Jack Greenslade from the Global Customer Marketing Group, discuss the impact from the FX market from slowing US inflation. Has a turning point been reached for USD/JPY?
Disclaimer: www.mufgresearch.com (PDF)
This week George Goncalves, MUFG Head of U.S. Macro Strategy, reviews a recent special topic from the latest Macro2Markets Monthly report, where the team has found that the last few years of higher nominal activity (boosted by higher prices given elevated inflation levels) has made the economy, company earnings, and market performance look better than what they truly are. George concludes by discussing the upcoming CPI report which...
Lee Hardman, Senior Currency Analyst, and Simon Mayes, Head of UK, Ireland and Switzerland, Corporate Sales, discuss the FX market implications from the UK and French elections.
Will the USD continue to weaken in the week ahead following the release of the latest NFP report?
Disclaimer: www.mufgresearch.com (PDF)
As ESG’s contours and penetration increased in H1 2024, so too did the decibels of debate.
In this week’s podcast, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), contextualises why he believes the louder deliberations and pockets of pushback are still indicative of ESG’s burgeoning relevance and a natural (and necessary) step in its maturation.
Looking ahead, he views biodiversity, regulation and art...
As we come to the mid-point of the year Derek Halpenny, Head of Research Global Markets EMEA & International Securities talks to Seiko Kataoka-Fisher, Head of JC FX Sales about MUFG’s forecasts and where the biggest divergences have been relative to expectations at the start of the year.
Derek also talks through the scenarios for the French parliamentary elections ahead of the first round election on 30th June and what the im...
Climate negotiators met at their intersessional climate talks, known as SB60 (the 60th meeting of the Subsidiary Bodies), at Bonn, Germany, between 3-13 June. The deliberations were supposed to lay the foundations for progress to be made at COP29 in Baku (Azerbaijan) between 11 November – 22 November. Yet, they also highlighted the many gaps that still need to be bridged.
In this week’s podcast, Ehsan Khoman, Head of Research – Com...
Lee Hardman, Senior Currency Analyst, and Jack Greenslade from the Global Customer Marketing Group, discuss the latest central bank policy updates in Europe. Will the policy updates alter European currency performance ahead of the upcoming French elections?
Notwithstanding the pivot to the right in France, Italy and Germany during parliamentary elections earlier this month, the EU Green Deal – the continent’s flagship framework in making Europe climate neutral by 2050, is alive and well (in aggregate).
However, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), believes that a new narrative and mindset shift is now needed to successfully implement the set o...
This week George Goncalves, MUFG Head of U.S. Macro Strategy, quickly reviews that first two weeks of June, which were macro event intense with various central bank meetings and inflation reports among other things. The more hawkish Fed event led to the strategy team pushing back their first Fed cut view to September from July. George believes the market becomes more technical-driven and less macro-focu...
Heightened political uncertainty in France has emerged as important driver of FX market performance over the past week. Lee Hardman, Senior Currency Analyst talks to Michael Owen, Head of Global Client Desk EMEA, about how election risks in France and the UK are impacting the outlook for the FX market alongside the latest policy updates from the BoJ, BoE and Fed.
Last weekend’s EU elections marked the end of the bloc’s greenest parliament ever with the overall “shift to the right”, though centrist parties still retained the majority.
Whilst the post 2030 climate agenda could be weakened in ambition, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), believes that there is unlikely to be any major overhaul on sustainability, but rather there may be fresh emphasis ...
This week George Goncalves, MUFG Head of U.S. Macro Strategy, gets us caught up on what has been happening in global macro and markets, with a focus on recapping the May NFP jobs report, which he believes wasn’t as strong as the headlines suggested, and that it is another report that demonstrates there are clearly macro divergences forming in various parts of the labor force.
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With the rupiah falling to a four-year low, it's perhaps timely for us to re-assess our short-term outlook for the currency. We also delve into how the long-term appeal of the rupiah has improved, led by EV.
The US jobs data was much stronger than expected today and Derek Halpenny, Head of Research Global Markets EMEA & International Securities, speaks to Shan Husain, Institutional FX Sales about the implications of the data for the dollar and ahead of the FOMC meeting next week.
Derek also discusses the possibility of the BoJ altering its policy on JGB purchases at the meeting next Fri...
The International Energy Agency (IEA) released its 2024 iteration of its flagship World Energy Investment (WEI) report this week, with a wealth of insights into the latest investment trends across the global energy landscape that aims to support corporates and investors in assessing risks and opportunities across the energy ecosystem.
In this week’s podcast, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EM...
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