Voor financiële professionals in Nederland

Simon Ward

Economic Adviser

Simon Ward has worked as an economist in financial markets for over 30 years. His forecasting process combines monetary and cycle analysis. Monetary trends signal the direction of the economy six to 12 months ahead; cycle analysis provides longer-term context and acts as a cross-check of the monetary signals.

Money growth in excess of the rate required to support economic expansion is associated with an increase in demand for financial assets and upward pressure on their prices (“money moves markets”). The relative performance of different assets depends on the direction of the economy and the status of the various cycles as well as popular speculative narratives that concentrate demand and can result in bubbles.

This online journal provides regular updates of the signals from the forecasting approach; it presents a selection of the research circulated by Simon Ward to Janus Henderson investment teams. Comments and questions are welcome.

Simon joined Henderson in 2009. He previously worked at New Star Institutional Managers, Lombard Street Research and Bank Julius Baer. He has degrees in economics and finance from Cambridge University and Birkbeck College, London.

Geschreven artikelen

COVID-19 Market outlook

COVID-19 Market outlook

Simon Ward, our leading Economist, discusses the latest Coronavirus data, global monetary prospects and how recent developments fit in to his long term cycle framework.

COVID-19 Market outlook

COVID-19 Market outlook

Simon Ward, our leading Economist, discusses the latest Coronavirus data, global monetary prospects and how recent developments fit in to his long term cycle framework.

Chinese monetary stability suggesting policy success

Chinese monetary stability suggesting policy success

Chinese February money / credit numbers are hopeful, signalling stable monetary conditions despite the coronavirus shock.

UK Budget suggests rising medium-term inflation risks

UK Budget suggests rising medium-term inflation risks

The UK government and central bank have launched massive fiscal and monetary stimulus at a time of near-full employment. This is unlikely to end well.

Is global real money growth about to surge?

Is global real money growth about to surge?

The baseline expectation here remains that the market / policy response to the coronavirus shock – compounded now by an oil supply shock – will result in an early and strong pick-up in global real money growth, setting the stage for a solid rebound in economic activity during H2 2020 and above-trend growth in 2021.

Euroland monetary reversal confirmed

Euroland monetary reversal confirmed

Euroland money numbers for January provide further evidence that the global monetary backdrop was deteriorating before the coronavirus shock.

“Cyclical” equities – risk or opportunity?

“Cyclical” equities – risk or opportunity?

The MSCI World cyclical sectors index last week briefly reached a new record relative to the companion defensive sectors index, seemingly ignoring a soft global economy and the negative impact of the coronavirus shock.

Chinese money trends weak before virus hit

Chinese money trends weak before virus hit

Chinese money and credit numbers for January were probably little affected by the coronavirus shock, which had limited economic impact until this month.

Global business investment cycle moving into H1 low

Global business investment cycle moving into H1 low

The forecast here – before the coronavirus shock – that the global economy would remain weak in H1 2020 rested partly on a judgement that the business investment cycle had yet to reach bottom.

UK economic weakness masked by government spending surge

UK economic weakness masked by government spending surge

UK GDP grew by a slightly firmer than expected 1.4% in 2019 as a whole but the expenditure breakdown gives little cause for celebration.

OECD leading indicators: fade the pick-up

OECD leading indicators: fade the pick-up

The OECD’s leading indicators continued to recover in December but the signal should be discounted.

Has the virus shock improved monetary prospects?

Has the virus shock improved monetary prospects?

The global manufacturing PMI new orders index reached a 13-month high in January but narrow money trends suggested that it was on course to peak around April and relapse into mid-year.