Weekly Macro Themes - 22 October 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 topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. Inflation: A review of the weight of risks given ongoing supply disruption issues, rising inflation expectations, tightening capacity, and sentiment effects (and a look at what might make it transitory... or otherwise!).
2. China Macro: Taking stock of the outlook for the Chinese property market, the implications for policy, and the subsequent near-term macro/risk outlook.
3. Industrial Metals: We look at what's going on in industrial metals in terms of short-term, medium-term drivers, and take a step back to look at the bigger long-term picture.
4. EM Risk Watch - Update: We take stock of a few early signs of improvement, but stop short of lifting the Risk Watch on emerging markets as a few tests still lie ahead.
5. Safe Haven FX: Changing the view on this one as the technicals change and the broader macro/risk outlook evolves.
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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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