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. Policy Pivot Part II: A new wave of easing (aka global policy pivot part 2) is officially underway.
2. Global Capex Trends: Globally capex is rolling over after an initial rebound; of particular note is the historically low pace of capex in the commodity sectors (and the implications for commodities).
3. Safe Haven FX [initiating coverage]: The “Safe vs Risky FX Index” shows some potential merit as a risk hedge, but at the very least adds extra colour as an analytical tool/flag for shifting market regimes.
4. Gold Miners: While gold finds further tailwinds, gold miners and silver have been left behind.
5. The Valuation Divide: The emergence and widening of the growth vs defensive asset valuation gap coincides with similar trends in economic policy uncertainty and central bank balance sheet expansion.
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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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