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The Macro Brief by HSBC Global Research

HSBC Global Research
Inflation
Tariffs
Artificial Intelligence
China
Federal Reserve
Emerging Markets
UK Economy
India
United States
European Central Bank
Global Economy
Germany
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, looks at some of the powerful forces affecting the world economy, while Ali Cakiroglu, Emerging Markets Strategist, assesses the implications for EM investors.

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

As the Federal Reserve begins a new era with Kevin Warsh at the helm, our team looks at his communication style and how the narrative has changed from potential rate cuts to possible rate hikes.

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

Following the European Central Bank’s first rate hike for nearly three years, Chris Hare, Senior European Economist, looks at whether there is more tightening to come.

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

With the US’s 10% global tariff set to expire this July, Shanella Rajanayagam, Trade Economist, looks at which US tariffs are currently in effect - and what could be coming down the line.

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

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Recent Guests

Janet Henry
Global Chief Economist
HSBC Global Research
Episode: Looking beyond Hormuz
Ali Cakiroglu
Emerging Market Strategist
HSBC Global Research
Episode: Looking beyond Hormuz
Fred Newman
Chief Asia economist, host of Under the Banyan Tree
HSBC Global Research
Episode: The Fed under new management
Chris Hare
Senior Economist for the Eurozone, UK and Ireland
HSBC Global Research
Episode: The ECB’s next move
Rajesh Kumar
Head of Life Sciences and Healthcare Equity Research
HSBC Global Investment Research
Episode: Future healthcare in focus
Kim Fustier
Senior Global Oil and Gas Analyst
HSBC Global Research
Episode: Containers and crude
Shanella Rajanayagam
Trade Economist
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?
Paul Bloxham
Chief Economist for Global Commodities Australia and New Zealand
HSBC
Episode: Fuel, food and fertilisers

Hosts

Piers Butler
Host with HSBC Global Research/HSBC Global Investment Research background
Aline van Dijn
Host of The Macro Brief with focus on HSBC Global Research/HSBC Global Investment Research

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Talking Points

Recent interactions between the hosts and their guests.

The Fed under new management
Q: What changed in the Fed's communication style under the new chair?
The Fed adopted a shorter, more direct policy statement, while the dot plots remained, though Warsh did not publish his own views, creating some initial confusion.
Looking beyond Hormuz
Q: How does the reopening of the Strait of Hormuz affect the outlook?
Oil prices have fallen and the reopening reduces downside risks to growth and inflation, though full normalization will take time as reserves are replenished and supply chains reestablish.”
The ECB’s next move
Q: So where are we today when it comes to inflation? Are you seeing a pass-through from rising oil prices? Are expectations of inflation changing?
Inflation has been driven by direct energy pass-through effects, and while services like transport costs have started to lift data, there is not yet a clear onset of second-round wage and price pressures. Household inflation expectations remain elevated but not alarmingly so, which supports a measured approach to further rate rises rather than aggressive action.
Future healthcare in focus
Q: How is artificial intelligence reshaping healthcare?
He notes that while investors are cautious, AI has potential to accelerate drug discovery, improve diagnostics, and optimize patient management, with the strongest impact in identifying patients who need treatment and expanding access in remote areas.
Future healthcare in focus
Q: So Rajesh, why is there so much investor focus on healthcare today?
Rajesh explains that breakthroughs in cancer therapies and obesity drugs, along with AI-enabled diagnostics and the shift toward oral, patient-friendly therapies, have created a wave of investor interest in the sector.

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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 delivers weekly macro insights across developed and emerging markets, with a strong emphasis on policy shifts, inflation dynamics, energy markets, and global trade. Episodes frequently feature HSBC researchers and guests who unpack tariff developments, healthcare and AI-driven disruption, commodity shocks, and currency dynamics, translating complex macro themes into actionable implications for investors and business leaders. A notable pattern is the blend of scenario-based analysis and timely market color, often tying policy developments to real-world outcomes like trade flows, equity markets, and FX trends. The format tends to mix rigorous macro analysis with practical takeaways, making it useful for listeners who need to underst... more

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1. Under the Banyan Tree by HSBC Global Research
2. At Any Rate
3. The Markets
4. Making Sense
5. Thoughts on the Market

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The Macro Brief by HSBC Global Research launched 3 years ago and published 148 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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What guests have appeared on The Macro Brief by HSBC Global Research?

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

1. Janet Henry
2. Ali Cakiroglu
3. Fred Newman
4. Chris Hare
5. Rajesh Kumar
6. Kim Fustier
7. Shanella Rajanayagam
8. Saul Martinez

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