Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. To receive a copy just click through to contact us or request a trial.
This week we covered the following topics/ideas:
1. China Joins the Policy Pivot: China’s new policy rate is a key reform step, and arguably amounts to an effective rate cut; lumping China in a growing group of interest rate cutters globally.
2. Macro Pulse: From a momentum perspective the latest flash PMI results were somewhat encouraging.
3. TIPS: Bullish breakevens on valuation and an expected improvement in macro factors.
4. Frontier Market Equities: FM equities are outpacing their EM and DM counterparts and may have further to run (on favourable valuations, relative performance, and market breadth signals).
5. REITs: Global REITs are at risk given very expensive absolute valuations, bearish breadth divergence, and signs of softening in some of the key financial metrics.
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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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