Weekly Macro Themes - 9 June 2017
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. Gold - breakout or fakeout? Gold has not broken out yet and still faces considerable headwinds - these are some must-see charts for goldbugs and goldbears alike.
2. Grains getting ready: A couple of important, familiar, and reliable signals and patterns are showing up on the charts for grain prices. Check out our analysis and conclusions on how best to position in grain commodities.
3. USDCNY - testing conviction: Despite the rebound in the Renminbi expect devaluation pressures to renew as the Fed hikes into an increasingly complacent market. The charts show some important indicators for the Chinese yuan and the US dollar index (DXY).
4. Global property prices: Rising global property prices point to stronger global GDP outcomes ahead, but this comes with higher property market valuations (and higher risk).
5. Country expected returns (valuation): As shown in part-3 of the series on country expected returns, incorporating a valuation mean-reversion adjustment can have a material impact on expected returns and highlights the challenges in finding value in the current market environment.
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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.
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