Economic Commentary and Market Views by Daniel Lacalle
Bloomberg commodity index moves into bearish territory, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that the Bloomberg commodity index has moved from a phase of consolidation to a bearish trend. This ...
Daniel Lacalle: Interventionists now seek windfall taxes on AI and internet profits
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights a shift among interventionists regarding technology investments. He notes that those who previously ...
Germany, Malta, and France report lowest inflation, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, reports that inflation in the eurozone is continuing to rise, with services—alongside energy—contributing to the ...
Daniel Lacalle: China factory output exceeds forecasts in May despite weaker official data
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that China’s factory activity outperformed forecasts in May, according to a private survey. This positive ...
U.S. labor productivity climbs across most trade industries in 2025, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights recent gains in U.S. labor productivity. According to Lacalle, labor productivity increased in 35 of 46 trade ...
Daniel Lacalle: U.S. economic performance contrasts sharply with Iranian regime conditions
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, compares recent economic indicators between Iran and the U.S. in a critical perspective. He highlights Iran's 115% ...
Fed prioritizes inflation battle over jobs, Daniel Lacalle notes
Daniel Lacalle, chief economist / investment manager at Tressis Gestion, highlights a contrast between the Federal Reserve’s Beige Book assessment and comments from Fed’s Kashkari. Lacalle ...
Daniel Lacalle: U.S. consumer confidence and Fed indexes surpass estimates
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that U.S. consumer confidence remains above estimates, while the Chicago Fed national activity index and ...
Taxes make up to 65 percent of fuel costs in parts of U.S. and Europe, Daniel Lacalle notes
Daniel Lacalle, chief economist / investment manager at Tressis Gestion, comments that gas prices in the U.S. may drop rapidly. However, he highlights that high-taxation states in the U.S. and ...
Daniel Lacalle: UK public borrowing surges as spending and taxes rise
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, criticizes the United Kingdom's approach to public finances. He points to increases in unsustainable current spending and ...
Gasoline prices in Europe and China remain prohibitive, Daniel Lacalle notes
Daniel Lacalle, chief economist / investment manager at Tressis Gestion, highlights the volatility in gasoline prices and how they can rapidly fall as markets adjust for short-term risk. He ...
Daniel Lacalle: Oil forward curve in steep backwardation shows faster disinflation
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, observes that the oil price forward curve remains in steep backwardation and indicates faster disinflation compared to a ...
Markets and economic risks are being assessed, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, discusses global market dynamics, the economy, and shifts in the global risk landscape in a recent conversation ...
Daniel Lacalle: Markets rally while bond stability persists
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, observes that markets are currently stronger, with bonds showing stability. He points to substantial liquidity in the ...
High gasoline prices largely stem from taxes, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, states that in most countries where gasoline prices are expensive, this is almost entirely due to taxes. He points out ...
Daniel Lacalle: Public sector stimulus has resulted in higher debt and weaker growth
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, argues that years of public sector stimulus have only created more debt, lower economic growth, weaker productivity, and ...
S&P 500 closes at record high and extends winning streak, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that the S&P 500 has closed at another record high and achieved its longest weekly winning streak since 2024. ...
Daniel Lacalle: Oil prices fall below $100 amid U.S.-Iran tensions
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, reports that oil prices have fallen below $100 as U.S.-Iran tensions keep traders focused on risks surrounding the Strait ...
Fastest money supply growth since 2021 is affecting assets, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, states that ample liquidity is currently masking underlying economic stresses. He also highlights that Europe is facing ...
Daniel Lacalle: Core U.S. factory orders surge in March with fastest yearly growth since 2022
Daniel Lacalle, chief economist / investment manager at Tressis Gestion, reports that core U.S. factory orders surged in March, achieving the best yearly growth rate since November 2022. This ...
Tightening policy will not address core inflation drivers, Daniel Lacalle warns
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, warns that central banks are about to make a major policy error by tightening monetary policy in the midst of a temporary ...
