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 Housing: Some cracks are starting to show up in the US housing market, but it’s not subprime 2.0.
2. US Cyclicals vs Defensives: A material reset has taken place to correct the previous extremes in US cyclicals vs defensives, so the bearish conviction drops, but downside risks remain. See what charts we are watching to understand the risk vs return outlook here.
3. US Credit Spreads: There’s a bit of rumblings going on in US HY credit; remain bearish credit (8 charts and indicators on US HY credit spreads).
4. European HY Credit: Softer economic confidence, political risk, and stealth tightening are driving a repricing of credit risk in Europe.
5. Australian Credit: Australian credit spreads are on the move and could widen further.
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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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