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Weekly Macro Themes - 22 May 2020


Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (one of the key reports of our institutional research service) >> To receive a copy just click through to contact us or request a trial.

This week we covered the following topics/ideas:

1. Macro Clippings: Higher frequency macro data through May show deep contraction, mixed prospects, and a possible nadir. Further out the base case remains for a rebound (stimulus & pent-up demand).

2. Inflation vs Deflation: Although there is growing interest in the topics of hyperinflation vs deflation, my base case is a global bout of transitory deflation, followed by higher (not hyper) inflation.

3. Treasuries: The bottoming process in yields continues; remain bearish treasuries medium-term.

4. Eurozone vs US Equities: Bullish Eurozone vs US equities short-term on a series of performance divergences, and medium-term on substantial valuation divergences (and bullish EURUSD medium-term).

5. CMA Adjustment – REITs & GLIF: I have added a valuation change component to REITs and GLIF.

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About the Weekly Macro Themes report

The "Weekly Macro Themes" is part of 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 market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.

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