When will the global capex cycle turn?

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It’s a vital question for monetary and fiscal policy, as well as commodities markets and today Morgan Stanley tries to answer it:

What drives the capex cycle?

The global capex cycle has been held back by several factors, but the most important factor in our view is the global aggregate demand at a macro level and returns for the corporate sector at the micro level.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.