Disclaimer

Macro Edge Research ("MER") is an independent provider of macroeconomic research, economic commentary, and quantitative analysis. All content published on this website — including forecasts, research notes, commentary, analytical frameworks, and data visualizations — is provided solely for informational and educational purposes. MER publications consist of general economic analysis, including, without limitation, inflation forecasting, monetary and fiscal policy commentary, balance-of-payments analysis, labor and activity research, and related macroeconomic research.

Nothing on this website constitutes investment advice, a recommendation to buy, sell, or hold any security, financial instrument, digital asset, virtual currency, crypto-asset, commodity, or any other investment product; a solicitation or offer to acquire or dispose of any investment or to engage in any other transaction; or legal, tax, or other professional guidance. No content should be construed as a personalized recommendation or as the basis for any investment decision. Readers should consult qualified professionals and conduct their own due diligence before making any financial decision.

Macro Edge Research is not licensed, registered, or authorized as an Investment Advisor, Securities Broker, Broker-Dealer, Portfolio Manager, Fund Manager, Credit Rating Agency, Subscription Agent, or any other Licensed Person in any jurisdiction. The content on this website does not constitute Securities Activities or advisory services relating to Securities for a commission under Kuwait Law No. 7/2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities (as amended) or its Executive Bylaws, nor does it constitute investment research under the Markets in Financial Instruments Directive (MiFID II) or equivalent legislation in any jurisdiction.

No reader, subscriber, or recipient of MER content is a client or customer of Macro Edge Research. The distribution of research — whether through this website, direct correspondence, or any other channel — does not create an advisory, fiduciary, or client relationship between MER and any recipient. MER owes no duty of care or suitability to any recipient.

This website and its content are intended for persons who possess sufficient knowledge, sophistication, and experience in financial and business matters to independently evaluate the content herein. Content is directed at institutional and professional audiences, academic readers, and independent researchers. It is not directed at Retail Clients as defined under Module 8 of the Executive Bylaws of the Kuwait Capital Markets Authority, or at equivalent client classifications in any other jurisdiction. Any other persons in receipt of this content must not rely upon or otherwise act upon it.

No regulatory authority in any jurisdiction has reviewed, approved, or endorsed the content of this website.

This website does not constitute Securities Activities, investment advisory services relating to Securities for a commission, the marketing of any Security or Collective Investment Scheme, or any other regulated activity under Kuwait Law No. 7/2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws (including without limitation Module Five, Module Eight, Module Eleven, and Module Thirteen), or any resolutions, circulars, or instructions issued by the CMA thereunder. No content herein constitutes an invitation or announcement of Securities within the meaning of the Executive Bylaws.

Accessibility of this website outside Kuwait does not constitute an invitation, offer, or solicitation in any jurisdiction where such would be unlawful or where MER is not licensed to conduct the relevant activity. Readers are responsible for ensuring their access to and use of MER content complies with the laws of their own jurisdiction.

Strategies referenced on this website are systematic research models developed and researched by Macro Edge Research. Such strategies are traded on a proprietary basis for own account, within the meaning of a Trader under Kuwait Law No. 7/2010. They are not Collective Investment Schemes under Module Thirteen of the Executive Bylaws, are not available for investment by third parties, and are not open to external capital.

Any performance information, where shown, reflects either backtested model output or proprietary trading for own account, and is clearly labeled as such. Past performance, whether backtested or proprietary, is not indicative of future results.

Macro Edge Research does not operate, manage, advise, or promote any investment fund, Collective Investment Scheme, managed account, Investment Portfolio, or investment vehicle of any kind, as such terms are defined under Kuwait Law No. 7/2010 and its Executive Bylaws. MER does not accept, hold, or manage Clients' Funds or Clients' Assets under Module Nine of the Executive Bylaws.

Nothing on this website constitutes a solicitation of investment capital, an invitation to participate in any Collective Investment Scheme, or a promotion of any Securities Activity. MER does not act as a Broker, Investment Portfolio Manager, Fund Manager, Investment Advisor, Subscription Agent, or any other Licensed Person within the meaning of Module Five (Securities Activities and Registered Persons) of the Executive Bylaws.

This website may contain forward-looking statements, projections, and forecasts based on current expectations, assumptions, and information available at the time of publication. Such statements are inherently uncertain, and actual outcomes may differ materially from those expressed or implied. Any opinions, estimates, or projections are statements of opinion and not of fact. Readers should not place undue reliance on forward-looking statements. Macro Edge Research has no obligation to update, modify, or amend any content on this website or to otherwise notify any reader in the event that any opinion, forecast, or estimate changes or subsequently becomes inaccurate.

Content on this website is based on data from third-party sources believed to be reliable, including central banks, statistical agencies, government bodies, and financial data providers. Macro Edge Research does not represent or warrant that such information is fair, accurate, or complete, and it should not be relied upon as such. Third-party data may be subject to revision, restatement, or correction after publication, and Macro Edge Research bears no responsibility for errors, omissions, or inaccuracies in source data, whether original or subsequently revised.

Pursuant to CMA Circular No. 10/2023 and corresponding circulars issued by the Central Bank of Kuwait, the Insurance Regulatory Unit, and the Ministry of Commerce and Industry (17 July 2023), all virtual asset activities are prohibited in Kuwait. Nothing on this website constitutes a promotion, recommendation, or solicitation to deal in virtual assets. Analytical commentary on digital asset markets, where present, is provided solely as general economic and market commentary and does not constitute advice to deal in any such instrument.

Any references to strategy performance, portfolio returns, or track record reflect proprietary trading conducted for own account within the meaning of a Trader under the CMA Law — that is, a person carrying out the purchase and sale of securities for his own account. Such disclosures are provided solely for transparency and do not constitute a solicitation of investment capital, an offer to manage assets on behalf of any person, or a representation that similar results can be achieved by any other person.

All performance data is clearly labeled as either "Backtested" (simulated historical output) or "Proprietary" (realized trading for own account). Past performance, whether backtested or proprietary, is not indicative of, and does not guarantee, future results.

Any prices, valuations, estimates, or forecasts included on this website are indicative only and are not intended to predict actual results. The value of any investment can go up as well as down and may fluctuate as a result of changes in relevant economic conditions, including without limitation changes in interest rates, foreign exchange rates, commodity prices, credit spreads, default rates, inflation expectations, government policy actions (including tariffs, sanctions, and fiscal and monetary policy), geopolitical events, and other political, economic, or financial conditions.

Past performance of any model, strategy, or forecast — whether in backtesting, out-of-sample testing, or live forecasting — is not indicative of, and does not guarantee, future results. There are no guarantees of future performance. This website does not propose to identify all of the risks associated with the strategies or investments referenced herein.

Macro Edge Research does not provide advisory, consulting, or investment management services to any entity discussed on this website. Content has not been sponsored, commissioned, or paid for by any subject entity or third party. Macro Edge Research and/or its related parties may hold long or short positions in the securities, instruments, or assets discussed and may trade in or out of such positions without notice. Readers should assume a potential conflict of interest may exist and consider this when evaluating the analysis herein. Any disclosed positions are proprietary positions held for own account and do not constitute a recommendation, endorsement, or solicitation for any reader to enter into similar or corresponding positions.

All content on this website, including text, methodology, models, visualizations, and branding, is the intellectual property of Macro Edge Research and is protected under applicable copyright and intellectual property laws. All rights reserved. This content may not be reproduced, distributed, transmitted, or incorporated into another document without the prior written consent of Macro Edge Research.

While Macro Edge Research strives for accuracy, no warranty is made as to the accuracy, completeness, or timeliness of any content. To the fullest extent permitted by applicable law, Macro Edge Research expressly disclaims any and all representations and warranties of any kind, including without limitation any warranty as to accuracy, timeliness, completeness, fitness for a particular purpose, and non-infringement.

Macro Edge Research shall not be liable for any damages or loss of any kind, including without limitation direct, indirect, incidental, special, or consequential damages arising out of or in connection with the use of or reliance on any content published on this website, even if expressly advised of the possibility of such loss or damages.

This disclaimer, and any non-contractual obligations arising out of or in connection herewith, shall be governed by and construed in accordance with the laws of the State of Kuwait.

If any provision of this disclaimer is held to be invalid, illegal, or unenforceable by a court or tribunal of competent jurisdiction, such invalidity shall not affect the remaining provisions, which shall continue in full force and effect.