Weekly Macro Themes - 8 June 2018
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 Monetary Policy Trends: The global monetary policy tides are clearly turning, and a transition from tailwind to headwind is underway for risk assets. Our charts show where the stress points are and how it will impact markets.
2. DXY + EMFX: Our US dollar strength scenario is playing through as predicted, and on a number of metrics could easily have further to run, which presents further downside risk to EMFX (and commodities).
3. Global Equities - ROE: At a global level we’ve seen an improving trend in ROE, but as interesting as the ROE Du Pont Breakdown Analysis is, the valuation picture has changed notably.
4. MLPs: We review multiple different valuation metrics for the US energy MLP sector.
5. Australian Credit: Australian credit spreads face mixed-but-on-balance-bearish signals.
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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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