Global Liquidity Conditions
Global Liquidity Conditions is a macro theme tracked by Themic. Independent research (Capital Wars) global-liquidity frame: benign funding conditions (low vol) mask weak underlying liquidity creation (small/mid-bank credit growth negative), while strong investor risk appetite rotates toward select DM an As of 2026-09-08, its status is declining with unrated conviction.
Thesis
Independent research (Capital Wars) global-liquidity frame: benign funding conditions (low vol) mask weak underlying liquidity creation (small/mid-bank credit growth negative), while strong investor risk appetite rotates toward select DM and commodity-linked EM. Mechanism: liquidity/risk-appetite regime is a possible structural driver behind EM-FX and commodity-exporter strength. Context channel bearing on 6A (commodity/EM-FX proxy), ES (risk appetite), broad EM FX; no single clean catalyst.
Development timeline
- Sep 8: NEW theme seeded from Capital Wars' weekly Global Liquidity Watch — global liquidity supported by benign funding conditions (low vol) even as underlying liquidity CREATION stays weak (small/mid-bank credit growth still negative). Investor risk appetite strong, increasingly rotating toward select developed markets and commodity-linked EM — framed as a possible structural driver behind the EM-FX / commodity-exporter strength already flagged in the China-trade theme. Context-only channel (EM FX, commodity exporters). Sources: independent channels.Sources: independent channels