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)
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This week we covered the following topics/ideas:
1. Consumer Sentiment: The June consumer sentiment data show a disparity across countries and between business and consumer confidence as pandemic impact/reaction likewise varies widely.
2. Earnings Revisions: Forward earnings continue to be revised downwards globally.
3. Global Equity Rotations: The “out of favourables” (small/value/cyclicals/EM), are starting to show some signs of life while the frothy growth/momentum segments have received a shot across the bows.
4. US vs Global ex-US [sectors]: Even after adjusting for sectors (the sector neutral view does make global ex-US look slightly less cheap) the conclusion remains that global ex-US is materially cheaper vs US.
5. PEG Ratio Riddles: The PEG ratio is not very useful as a market timing indicator, but the “PE10NG ratio” (PE10 vs [expected] Nominal Growth) has some potential for comparing across countries.
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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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