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Weekly Macro Themes - 12 March 2021

Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (the flagship report of our institutional research service). I send this report out weekly late Friday NZ time and aim to cover a good mix of macro/ideas/risk management topics, across a global macro/multi-asset universe.

This week I covered the following topics/ideas:


1. Policy & Asset Prices:  The policy response to the pandemic is pushing up already lofty asset valuations.

2. The SCANNZ Economies:  The SCANNZ economies are at it again, and early signs are that housing valuations are set to head from record expensive to even more record expensive.


3. Energy Stocks:  Energy stocks have had a good run, but with oil prices having scope for further upside and a lack of upside overshoot as yet, stay the course (albeit slightly lower conviction).


4. Global Banks:  Remain bullish global banks, particularly in relative terms as relative valuations remain extreme cheap despite the initial rebound: prefer global ex-US on relative value.


5. UK Equities:  Remain bullish UK equities given cheap relative valuations, positive tactical indicators, and significant progress towards herd immunity (solid vaccination progress).




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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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