Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. Also be sure to check out the 2018 End of Year Special Edition to see some of our best calls of last year and charts to watch for the year ahead.
This week we covered the following topics/ideas:
1. Commodities: Commodities look good given undervaluation, light positioning, improving breadth and technicals, and a possible turn in global growth and the US dollar.
2. Gold & Gold Stocks: Gold has made a first attempt at breaking out, and has a couple of things going for it, but history shows it’s worth treating breakouts with benign skepticism.
3. TIPS - Breakevens: After collapsing, breakevens are starting to look cheap.
4. Expected Returns - Equities: Emerging Markets are at the top of the table of expected returns, but DM ex-US is not far behind.
5. Expected Returns - Bonds: Though there is variation across countries, generally global government bonds face higher risk and lower expected 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. 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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