Weekly Macro Themes - 15 July 2022
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. China Macro: Looking through the latest charts and data to figure out the next steps, still waiting and watching for more forceful stimulus, but things are turning...
2. Europe: Reviewing European equities and the EURUSD, specifically in terms of technicals, sentiment, macro, and valuations.
3. UK Equities: Given rebound in relative valuations, tenuous technicals, and deteriorating risk outlook, revert back to neutral on UK equities (turned bullish in 2020).
4. EM ex-Asia: Taking another look at this cohort of emerging markets given the technical backdrop, EMFX and commodity market developments, ETF allocations, FX valuations, and equity valuation charts.
5. Frontier Markets: Despite an already significant drop in FM equities (and interesting strategic case), the tactical outlook is wanting as valuations have not improved enough to get back in (and technicals + FM FX remain bearish).
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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.
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