Weekly Macro Themes - 23 July 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. Capex Outlook: We investigate a number of drivers of a potential broad-based increase in capital expenditure as a prospective investment boom lies ahead.
2. Commodity Capex: This topic presents a logical follow-on from the first topic; showing how the current situation feeds into commodity prices and in-turn into commodity capex -- a potential self-reinforcing cycle could be on the horizon.
3. Commodities: In this topic we review the tactical outlook for commodities (sentiment, positioning, technicals, seasonality); as well as the strategic outlook (valuations, longer-term technicals, long-term cycles).
4. Crude Oil: A brief review of the technicals and the strategic/fundamental outlook.
5. Energy Stocks: We present what we view as the key charts to understand the risk/return outlook for the S&P500 Energy Sector, as well as the MLP sub-sector/asset class.
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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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