March 2014 Analysis

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Commodity Strategy - Energy & Metals - MAR 2014

The first contractionary Chinese manufacturing PMI since July 2013 (HSBC flash PMI of 49.6 for January) bolsters our view that metals demand growth from China will cool in 2014. Combined with a...

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Economic Analysis - SSA Economic Outlook - Q1 2014 - Review And Preview - MAR 2014

We forecast that economic growth in Sub-Saharan Africa will pick up steam in 2014 due to improving global demand and sustained momentum for domestically-driven economic activity. Over the coming 12 months, we will be keeping a close eye on several key issues including the South African elections, new eurobond issuance and the transition of central bank governor in Nigeria.

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Global Assumptions - Q2 2014 - MAR 2014

Broadly speaking our strategic macro outlook for 2014 is fairly benign. We believe that the global economy is in a sweet spot of accelerating growth alongside modest inflationary pressure, reflecte...

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