Weekly Macro Themes - 30 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. China PMI and Global Trade: A quick run down on the China PMI, global trade stats, and a look at how it all ties into the global growth outlook and the implications for (bond) markets.
2. Hikes and High yield Hijinks: We check out the charts of 6 different credit spread drivers. The analysis shows some divergences to watch out for, as well as an interesting relationship on the economic front.
3. VIX drivers: The VIX has diverged to the downside vs all the key drivers we monitor, this along with the sentiment readings would suggest an elevated probability of a VIX spike.
4. AUDNZD - battle of the antipodes: Based on long-term cycles, relative housing market outlooks, and our set of indicators the AUDNZD looks mispriced at current levels.
5. PE10 and 10: The PE10 provides a useful guide to longer term expected returns, this analysis shows how/if it works across developed and emerging economies, and which regions have the best longer term prospective equity market returns.
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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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