The Macro Brief by HSBC Global Research

Liz Martins, Senior UK Economist, looks at whether a pick-up in the latest data marks a turning point for Europe’s economies.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/hHnMpXx Hosted on Acast. See acast.com/privacy for more information.

Paul Mackel, Global Head of FX Research, looks at what’s causing USD weakness and which currencies could stand to benefit.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/rdpJ66b Hosted on Acast. See acast.com/privacy for more information.

Stephen Bersey, Head of US Technology Research, looks at whether fears that artificial intelligence could upend the business modes of software vendors are justified.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/bHdRBbG Hosted on Acast. See acast.com/privacy for more information.

The economics team takes over the studio this week, with Chris Hare, Liz Martins and Fabio Balboni discussing the latest Bank of England and ECB meetings.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/qtZPtrS Hosted on Acast. See acast.com/privacy for more information.

Ryan Wang, US Economist, and Dhiraj Narula, US Rates Strategist, look at the key issues facing the Federal Reserve this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/JlBXX6F Hosted on Acast. See acast.com/privacy for more information.

Following a standout 2025, Ali Cakiroglu, Emerging Markets Strategist, looks at the drivers for EM assets in 2026.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/KbNBtFl Hosted on Acast. See acast.com/privacy for more information.

From the latest innovations to the investment strategies of big tech giants, Nicolas Cote-Colisson, Head of Global Tech Platforms Research, outlines what to watch out for in the tech sector this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/CzkHXhS Hosted on Acast. See acast.com/privacy for more information.

From inflation and monetary policy to trade and AI, Janet Henry, Global Chief Economist, looks at the factors set to shape the world economy this year.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on YouTube, Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/tL9dgcP Hosted on Acast. See acast.com/privacy for more information.

Daragh Maher, Head of Digital Assets Research, assesses the latest developments in the digital assets space and outlines what we should be looking out for in 2026.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/9Qd66km Hosted on Acast. See acast.com/privacy for more information.

Our US team identifies key issues to watch in 2026 – from what the Federal Reserve will do next, to whether the AI bubble will burst, to US fiscal friction.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/mVlwHgW Hosted on Acast. See acast.com/privacy for more information.

Can AI trade FX? Is the future 'agentic'? And are we seeing a bubble? Mark McDonald, Head of AI and Data Science, and Yuning Bai, Data Scientist, discuss recent developments in artificial intelligence.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/DkgSvdV Hosted on Acast. See acast.com/privacy for more information.

Liz Martins, Senior UK Economist, and Nick Andrews, Senior FX Strategist, talk through the key takeaways from the UK's highly anticipated budget.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions.Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/c6DrlPx Hosted on Acast. See acast.com/privacy for more information.

Paul Mackel, Global Head of FX Research, and Joseph Incalcaterra, Head of LatAm Macro Strategy, look at what's in store for the major currencies in 2026.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/mFbXLNm Hosted on Acast. See acast.com/privacy for more information.

Shiva Joon, Data Scientist, and Duncan Toms, Multi-Asset Strategist, look at how artificial intelligence is helping to drive the stellar performance of many US companies.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/HJJQchf Hosted on Acast. See acast.com/privacy for more information.

James Pomeroy, Global Economist at HSBC, looks at three technologies that could dramatically transform the economy in the longer term - humanoid robots, autonomous driving and quantum computing.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/P2FgHBq Hosted on Acast. See acast.com/privacy for more information.

In this US special, Ryan Wang, US Economist, and Alastair Pinder, Head EM and Global Equity Strategist, discuss the Fed’s next move, the impact of the government shutdown and fears of an AI bubble.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Click here for appropriate Disclosures, including analyst certifications, and Disclaimers that must be viewed with this podcast: https://www.research.hsbc.com/R/101/xfXR9xh Hosted on Acast. See acast.com/privacy for more information.

Fresh from attending the IMF-World Bank annual meetings, Janet Henry, Murat Ulgen and Paul Mackel stop by our New York studio with updates on US resilience, AI, tariffs, EM, defaults and more.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/CXgtlpn Hosted on Acast. See acast.com/privacy for more information.

Sean McLoughlin, Senior Global Industrials Analyst, explains how the boom in AI and cloud computing is fuelling a reacceleration in global capital expenditure.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/B6KLVmt Hosted on Acast. See acast.com/privacy for more information.

Fresh from HSBC's inaugural Brazil Forum, Head of LatAm Macro Strategy Joseph Incalcaterra joins Aline van Duyn to discuss the macro landscape across Latin America's key economies.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/NBdxbGK Hosted on Acast. See acast.com/privacy for more information.

Simon Wells, Chief European Economist, assesses the growth outlook for the region and the contrasting fortunes of the ECB and Bank of England in their bid to tame inflation.For more content from HSBC Global Investment Research, just search for #HSBCResearch on LinkedIn. And don't forget to follow our Asia-centric podcast "Under the Banyan Tree" on Apple Podcasts or Spotify or wherever you get your podcasts. Email us at AskResearch@hsbc.com for any questions. Disclosures and Disclaimers: https://www.research.hsbc.com/R/101/nFbhDKS Hosted on Acast. See acast.com/privacy for more information.