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: Checking in on China across property, inflation, and the economic pulse, and what it means for policy, the currency, and most importantly - the equities!
2. EM ex-Asia: Still believe it makes sense to look at emerging markets in two distinct subgroups, but as the charts show, it is a subgroup within this subgroup that looks most interesting (i.e. LatAm).
3. Europe: Increasingly complex outlook as technicals change, valuations improve, but macro/credit outlook worsens. Also wary of price action in EURUSD.
4. UK Equities: Remain bullish UK equities as the strong (relative) value and positioning setup is complemented by macro-favorable sector skews. Also lean bullish GBPUSD (value/sentiment/positioning).
5. Global Banks: Changing the view here after a long-standing and profitable long-view. Be sure to check out the full range of charts we talked about on this one (across technicals, macro, and valuations).
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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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