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Weekly Macro Themes - 1 November 2019

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 Equity Sentiment: The longer term/slower moving sentiment and positioning indicators continue to show significant pessimism/scepticism, a defensive tilt, and a degree of cash on the sidelines.

2. Crude Oil Outlook: Short-term indicators for WTI crude oil are mildly bullish, while the longer-term indicators point to tailwinds ahead for oil prices.

3. Global REITs: With historically high stretched valuations, global REITs are at risk of a departure from this thus far “benign slowdown” regime.

4. NZ Macro: NZ government bonds look expensive, yet the NZDUSD looks cheap; albeit both probably require a turn in the (very soft) economic confidence picture.

5. NZ Equities: Given extreme stretched valuations, NZ equities are exposed to either (or both) softer economic conditions domestically or a push higher in bond 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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