Weekly Macro Themes - 3 Nov 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. Global macro data pulse: The global data picture shows DM accelerating, EM stable, global trade solid, and a distinct skewing of risks for inflation and bond yields to the upside.
2. Monetary policy monitor: Despite all the noise around monetary policy there are some clear and present trends on the global monetary policy map - see the key charts and implications for investors.
3. Global property price path: Property prices hold the key to the global macro picture and have big implications for global bond yields and global equity risk management.
4. S&P500 valuation matters: Conceptually, high valuations usually only become an issue when monetary policy has tightened 'too much' and/or the economy rolls over - our charts of the key variables to watch show that neither are a reality at this stage.
5. US HY credit spread strategy: US HY credit spreads look 'too low' but, similar to the situation in equities, there is a lack of compelling red flags among the key indicators to watch.
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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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