Weekly Macro Themes - 20 August 2021
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 management topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. Global Equities: With an eye on risk management, we review a number of early-warning risk indicators for global equities.
2. Global ex-US: The short-term picture is out of alignment with our medium-term views on this theme, so we review the key moving parts and revise the view slightly.
3. Value vs Growth: There are a number of promising signs, but it's not 100% clear either, so we review the strategic case and the tactical outlook.
4. Defensive Value: A pet topic; we look specifically at the "defensive" side of value, and how the strategic and tactical outlook is evolving for this super-sector.
5. Safe Haven FX: We find some very clear conclusions on our safe vs risky FX basket, and the implications extend beyond FX markets.
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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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