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Weekly Macro Themes - 16 October 2020

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 put 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. Global Trade: Expect the nascent recovery in global trade to pick up steam headed into 2021.


2. Inflation Risk: See both short-term (supply chain disruption) and medium/longer-term (extraordinary policy stimulus on multiple fronts) upside risks to inflation globally.


3. TIPS Review: Remain bullish TIPS breakevens despite the initial bounce back; on the back of bullish macro divergences, still relatively cheap valuations and light allocations among investors.


4. Industrial Metals: Constructive on a medium term basis for industrial metals, and copper in particular – but see risk of a correction (or at least consolidation) given sentiment/positioning in copper.


5. UK Equities: Remain bullish given strong relative value case, reasonable absolute valuations, bearish sentiment and supportive tactical indicators.


>> Zoom Calls are scheduled to go through this report on Monday 9am London time and Monday 4pm New York time - get in touch for details to register.

To request a copy of the full report and charts, or to subscribe to our services, or to request a free trial for your firm, simply fill in the form here.

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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