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Artwork for The Macro Brief by HSBC Global Research

The Macro Brief by HSBC Global Research

HSBC Global Research
Inflation
Tariffs
Artificial Intelligence
China
Federal Reserve
Emerging Markets
Uk Economy
India
Global Economy
United States
Germany
European Central Bank
Gold
S&P 500
Bank Of England
US Dollar
Interest Rates
Monetary Policy
European Economy
Fiscal Policy

A weekly update on key macro issues influencing developed and emerging markets around the world. Our economists, strategists and analysts share their insights, views and ideas to help guide your outlook. Subscribe now.

For more from HSBC Global Research, email us at AskResearch@hsbc.com

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Artwork for The Macro Brief by HSBC Global Research

Latest Episodes

Janet Henry, Global Chief Economist, and Simon Wells, Chief European Economist, look at how central banks are set to react to growing upside risks to inflation and downside risks to growth.

For more content from HSBC Global Investment Research, just ... more

Alastair Pinder, Head EM and Global Equity Strategist, explores how artificial intelligence is driving stock markets to record highs - even amidst a global energy shock.

For more content from HSBC Global Investment Research, just search for #HSBCRese... more

With the US and Iran reportedly edging towards a deal, Kim Fustier and Shanella Rajanayagam consider the implications of the conflict on oil prices and global trade.

For more content from HSBC Global Investment Research, just search for #HSBCResearch... more

In this US special, Ryan Wang, Dhiraj Narula and Saul Martinez look at what’s next for the Federal Reserve, the impact of recent supply shocks, and how consumers are showing resilience despite rising costs.

For more content from HSBC Global Investmen... more

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Recent Guests

Kim Fustier
Senior Global Oil and Gas Analyst
HSBC Global Research
Episode: Containers and crude
Saul Martinez
Head of US Financials Research
HSBC Global Research
Episode: What will a Warsh Fed look like?
Murat Ulgen
Global Head of Macro Strategy
HSBC Global Research
Episode: Testing emerging market resilience
Daniel Lavarda
Head of economics research in Brazil
HSBC Global Research
Episode: LatAm’s moment?
Jose Carlos Sanchez
Mexico economist
HSBC Global Research
Episode: LatAm’s moment?
Parash Jain
Global Head of Transport and Logistics Research
HSBC Global Research
Episode: The Middle East: energy and shipping
Steve Bersey
Head of US Technology Research
HSBC Global Research
Episode: Can AI replace software?
Ali Cakiroglu
Emerging Market Strategist
HSBC Global Investment Research
Episode: The case for emerging markets
Nicolas Cote-Colisson
Head of Global Tech Platforms Research
Episode: Global tech trends

Hosts

Piers Butler
Host of The Macro Brief
Aline van Dijn
Host of The Macro Brief

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#131
United Kingdom/Business/Investing
Apple Podcasts
#199
Italy/Business/Investing
Apple Podcasts
#42
Denmark/Business/Investing
Apple Podcasts
#46
United Arab Emirates/Business/Investing
Apple Podcasts
#94
Norway/Business/Investing
Apple Podcasts
#116
Hong Kong/Business/Investing
Apple Podcasts
#130
Switzerland/Business/Investing
Apple Podcasts
#144
Indonesia/Business/Investing
Apple Podcasts
#151
United Arab Emirates/Business
Apple Podcasts
#173
Hong Kong/Business
Apple Podcasts
#188
Denmark/Business
Apple Podcasts
#198
South Korea/Business/Investing
Apple Podcasts
#215
India/Business/Investing
Apple Podcasts
#235
Switzerland/Business
Apple Podcasts
#236
Mexico/Business/Investing
Apple Podcasts
#240
Poland/Business/Investing
Apple Podcasts
#248
Norway/Business
Apple Podcasts
#249
Chile/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

Containers and crude
Q: How significant is the inventory picture in shaping near-term price dynamics?
Global inventories could fall sharply—by hundreds of millions of barrels between March and June—creating a large draw and keeping downside risks in check only if restocking and supply resilience occur in the coming months.
Containers and crude
Q: What likely happens to the oil price if a peace deal is reached soon, and how long until a return to normal?
Our base case suggests a gradual price path back toward normal, with Brent rebalancing slowly as Hormuz traffic and Gulf output restart from mid-June and near-normal flows by end of Q3, acknowledging that the physical restart will lag the deal and take time.
Shock to the system
Q: Which scenario have you based your forecasts on?
The forecasts are built around multiple scenarios, including a central path and an uglier one where energy prices remain high longer, with the general expectation that inflation peaks soon and then moderates depending on oil prices and policy responses.
LatAm’s moment?
Q: When are those USMCA discussions expected to get into the weeds, and what could that mean for Mexico?
We expect formal discussions to kick off in March with a window opening officially on July 1st; a positive schedule could support Mexican assets and reinforce ties with the US, while renewed attention to USMCA will shape the currency and broader risk sentiment for Mexico.
LatAm’s moment?
Q: So Joseph, you've spoken to many investors in recent weeks about Latin America. Why are they so interested in the region?
Investors are drawn by resilient growth dynamics, improving external fundamentals, and a series of elections that could steer policy toward reforms and market-friendly outcomes, with LatAm also seen as a relative refuge amid a globally complex geopolitical backdrop.

Audience Metrics

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Frequently Asked Questions About The Macro Brief by HSBC Global Research

What is The Macro Brief by HSBC Global Research about and what kind of topics does it cover?

This show provides practical, data-driven macro analysis from HSBC Global Research, focusing on how global economics, inflation dynamics, monetary policy, energy markets, and geopolitical shifts shape asset markets across developed and emerging economies. Episodes frequently feature HSBC economists and strategists offering scenario analysis, regional deep dives (Latin America, Europe, EMs), and actionable takeaways for investors and corporate decision-makers. A recurring strength is linking policy signals, energy dynamics, and currency movements to risk premia, cross-asset implications, and the trajectory of growth. The format leans into clear, top-line insights plus tactical considerations for traders, asset allocators, and corporate strat... more

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2. At Any Rate
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4. The Macro Trading Floor
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The Macro Brief by HSBC Global Research launched 3 years ago and published 142 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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Recent guests on The Macro Brief by HSBC Global Research include:

1. Kim Fustier
2. Saul Martinez
3. Murat Ulgen
4. Daniel Lavarda
5. Jose Carlos Sanchez
6. Parash Jain
7. Steve Bersey
8. Ali Cakiroglu

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