Weekly Macro Themes - 28 June 2019
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. Global Trade Pulse: With some early signs of improvement, markets may be too bearish on global trade.
2. Global Property Prices: Property prices are growing across the major economies, and though there has been some slowing in the US the fall in yields is adding new fuel to the housing market.
3. China A-Shares: China A shares are mildly cheap, with some positive signs on the earnings outlook, and an arguably supportive policy/politics dynamic.
4. US Value vs Growth: Growth stocks are more expensive than usual in absolute and relative terms.
5. NZ Macro: Both NZ government bonds (and to a slightly lesser extent the NZDUSD) look fairly fully priced for softer growth in New Zealand.
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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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