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Weekly Macro Themes - 21 May 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 Value vs Growth: Everyone is talking about US value vs growth, but you would be surprised to see what is happening globally and why we think it is a big deal.

2. Defensive Value: Another unique angle on value vs growth is to get nuanced on the sector composition - we see an emerging opportunity for asset allocators.

3. Safe Haven FX: Call it an interesting investment or an intriguing analytical indicator, something is happening in "Safe" vs "Risky" currencies which may hold clues to the wider risk outlook.

4. Gold: Stay the course on the short-term (and longer-term) view for gold.

5. Silver: Silver is similar to gold, but in some very important ways actually also different. We delve into macro drivers and the tactical/trading outlook.

NEW: get the key conclusions and highlights from this report in our new Substack service (an entry-level version of our full service).

OR: request a free trial of the full service for your firm, simply fill in the form 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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