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.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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