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.
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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.
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