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. Global Flash PMI: The global manufacturing PMI is largely following the script (bad news for bonds).
2. Commodities: At an asset class level, commodities enjoy low valuations, light positioning, promising technicals and a supportive forward looking macroeconomic case.
3. Industrial Metals: Bullish given lighter inventories, supportive technicals, and EM central bank easing.
4. US Dollar Index: The bearish US dollar case remains firmly intact; awaiting technical confirmation.
5. Gold in Focus: Retain bearish short-to-medium term bias for gold on stretched sentiment/positioning/flows, expensive valuations, and potential headwinds from higher real yields.
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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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