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Weekly Macro Themes - 19 August 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: Review of the policy/stimulus outlook given developments as seen in the charts with property, the cyclical picture, and trends in underlying inflation measures.

2. China A-Shares: Reiterating our previous view based on the valuation setup, technicals/sentiment, and prospective macro catalysts.

3. Global ex-US Equities: Short-term momentum (price and macro) favors US vs global in the immediate term, but longer-term the strategic case for global vs US remains compelling.

4. Renewable Energy Sector: Reviewing the technicals, valuations, and thematic developments for renewable energy sector equities, and how they stack up vs fossil fuel producers.

5. SCANNZ: Globally, but especially in the SCANNZ economies, extremely expensive housing markets are being put to the test as consumers get squeezed by rising costs and surging interest rates. Some interesting charts to get to grips with here!



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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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