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Weekly Macro Themes - 22 January 2021

Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (the flagship report of our institutional research service). I send this report out weekly 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. Treasuries: Still see credible near term upside risk to US 10yr bond yields.


2. Gold: Gold sees tenuous technicals and prospective real yield headwinds, thus bearish in the context also of still expensive valuations and still fairly crowded sentiment and positioning.


3. Correction Risk: Some clear signs of froth and a number of short-term risk flags are lighting up, so risk-aware short-term, but stay the course overweight growth/risk assets on a medium-term basis.


4. UK Equities: With excess pessimism, compelling relative valuations, and glimmers of turning the corner on Brexit and the pandemic, UK equities look particularly interesting among DM equities.


5. Australian Equities: Given attractive relative valuations (vs bonds, vs US), improving commodity prices, and better macro/cyclical sentiment, remain bullish Australian equities.


>> Zoom Calls are scheduled to go through this report on Monday 3pm New York time and Tuesday 8am London time - get in touch for details to register.

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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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