Global Macro

In recent months, the evolution of events and rhetoric over Greenland has been absolutely unprecedented.

As protests continue on the streets of cities across Iran against the government of Ayatollah Ali Khamenei, it’s worth reflecting on why this nation at the heart of the crossroads between Central and West Asia is so vital.

Shortly after the capture of Venezuelan President Nicholas Maduro, U.S.

Analysts are beginning to assess the implications of the Trump administration’s toppling of the Maduro government in Venezuela, not only for the Americas but also for the world.

Over the long history of the industrialised world the endowment of natural resources has regularly been something of a double-edged sword.

On Saturday, the U.S.

From the Market Ear: Stretch-marks Eight straight green months.

In the long history of financial markets, there have been all manner of hot assets; in the Netherlands in the 1630s, it was tulip bulbs, in the 1720s Britain, it was shares in the South Sea Company, and today the hottest asset on the market is anything to do with AI.

China (31.8% share in 2024) and India (8.3% share in 2024) have driven the increase in global carbon emissions this century.

As battles over trade flows and domestic industry intensify worldwide, it’s worth stepping back and reflecting on how this set of circumstances has come to pass.

Fertility rates have dropped sharply across advanced economies and increasingly in developing nations. As illustrated below by Joseph Chamie, a consulting demographer and former director of the United Nations Population Division, most OECD countries are well below the benchmark for population stability of 2.1 children per woman, with some (like South Korea) at 0.7–0.8.

Eric Reguly, the European Bureau Chief of The Globe & Mail, has a timely article that explains how China is deceiving Europe on climate and energy policy.

Germany once operated over 22 GW of nuclear capacity, producing around 160 TWh annually at low cost and without emissions.

From the Market Ear: Big in small Russell extending the break out move.

From the Market Ear: Inverse HS? Is SPX flirting with an inverse HS formation? A proper close above the 6900 area (futures) and things could get squeezy.

Amidst the ongoing debate over the future of Ukraine and whether the United States will force peace terms on the war-weary nation, Europe’s leaders are deeply considering ratcheting up the stakes in their ongoing battle with Washington.

From the Market Ear: Stuck SPX remains stuck inside the range that has been in place since September.

When China first began its meteoric rise to unparalleled industrial superpower, there were nations around the world who saw the Middle Kingdom’s rise as an opportunity, a new market in which to sell their goods.

Irina Slav from OilPrice.com summarised Wood Mackenzie’s Energy Transition Outlook 2025-26 as follows: Global demand for crude oil is projected to continue increasing until at least 2032, indicating that the world is significantly off track in meeting its Paris Agreement goals.

Last week, I argued that Australia is the dumbest developed nation on Earth for choosing to give itself expensive and unreliable energy when it is literally a global energy superpower rich in everything other than oil.

Data released in the U.S.