Global Macro

China (31.8% share in 2024) and India (8.3% share in 2024) have driven the increase in global carbon emissions this century.

As battles over trade flows and domestic industry intensify worldwide, it’s worth stepping back and reflecting on how this set of circumstances has come to pass.

Fertility rates have dropped sharply across advanced economies and increasingly in developing nations. As illustrated below by Joseph Chamie, a consulting demographer and former director of the United Nations Population Division, most OECD countries are well below the benchmark for population stability of 2.1 children per woman, with some (like South Korea) at 0.7–0.8.

Eric Reguly, the European Bureau Chief of The Globe & Mail, has a timely article that explains how China is deceiving Europe on climate and energy policy.

Germany once operated over 22 GW of nuclear capacity, producing around 160 TWh annually at low cost and without emissions.

From the Market Ear: Big in small Russell extending the break out move.

From the Market Ear: Inverse HS? Is SPX flirting with an inverse HS formation? A proper close above the 6900 area (futures) and things could get squeezy.

Amidst the ongoing debate over the future of Ukraine and whether the United States will force peace terms on the war-weary nation, Europe’s leaders are deeply considering ratcheting up the stakes in their ongoing battle with Washington.

From the Market Ear: Stuck SPX remains stuck inside the range that has been in place since September.

When China first began its meteoric rise to unparalleled industrial superpower, there were nations around the world who saw the Middle Kingdom’s rise as an opportunity, a new market in which to sell their goods.

Irina Slav from OilPrice.com summarised Wood Mackenzie’s Energy Transition Outlook 2025-26 as follows: Global demand for crude oil is projected to continue increasing until at least 2032, indicating that the world is significantly off track in meeting its Paris Agreement goals.

Last week, I argued that Australia is the dumbest developed nation on Earth for choosing to give itself expensive and unreliable energy when it is literally a global energy superpower rich in everything other than oil.

Data released in the U.S.

In this week’s podcast, Nucleus Wealth’s Chief Investment Officer, Damien Klassen, examines why Australia’s stock market looks expensive compared to global peers—and whether the nation’s limited exposure to high-growth tech and AI could see it left behind once again.

As the base falls away, the structure rises ever higher.

With the release of the latest data from Statistics Canada, it was revealed that Canada’s fertility rate had fallen to just 1.25 children per woman.

In October 2024, then Canadian Prime Minister Justin Trudeau pledged to dramatically cut net migration into Canada.

Recently, Japan has witnessed a growing backlash against immigration, accompanied by protests and increasing levels of frustration on Japanese social media.

In October 2022, British newspaper The Daily Star began live-streaming a video of a head of lettuce next to a framed photo of then-Prime Minister Liz Truss after The Economist compared the expected duration of her leadership to that of the shelf life of lettuce.

China accounted for nearly one-third (31.5%) of global carbon emissions in 2023.

One of the major themes of MB over the past decade has been the emergence of fake politics.