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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.

Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.

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