Weekly Macro Themes - 19 June 2020
Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (one of the key reports of our institutional research service)
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This week we covered the following topics/ideas:
1. China Macro: Though relatively smaller scale (vs rest of the world and previous episodes) stimulus efforts in China are starting to gain traction in the property market.
2. Industrial Metals: Despite a couple of setbacks this year, the outlook for industrial metals is looking up, and this corner of the market should be a key beneficiary of reopening/normalization.
3. EM vs DM ex-US: Emerging Market equities have a slight valuation and profitability edge against Developed Markets ex-US, so a slight preference to EM equities is warranted.
4. Australian Equities: Although absolute valuations have rebounded, Australian equities are cheap vs US, cheap on an ERP basis, and still see considerable yield support.
5. AREITs, Housing & Credit: Although uncertainties/risks remain for Australia (housing market), AREITs look attractive on a relative basis, and may have further to run given absolute valuations and technicals.
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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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