Here's a brief preview of the topics and charts covered in the latest edition of the Weekly Macro Themes report.
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1. US Cyclicals vs Defensives: We look at the key charts and indicators for US cyclicals and defensives and explain why this driver of the new bull market is increasingly a potential risk trigger point.
2. Global equity relativities: We look across global equity markets to identify some of the extremes in relative performance and identify a couple of areas where reversals will result in opportunities.
3. US HY Credit: US HY Credit spreads have pushed close to 1 S.D. below LTA, this merits closer monitoring, and for now the core set of indicators are for the most part in the clear.
4. European HY Credit: European HY Credit spreads look expensive, and while the risk indicators are all clear for now, there is an apparent relative value case for equities vs credit.
5. Australian Credit: Australian corporate credit spreads (also) look uncomfortably low, yet from a timing standpoint the indicators are yet to flash red or even yellow at this point.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights. Also part of the service is the monthly Chartbook which contains the key charts and views across asset classes with a tactical/dynamic positioning model.
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