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Weekly Macro Themes - 23 October 2020

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 put 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. China Macro/Policy: The improving macro backdrop has made for a mixed policy picture in China, but the bigger policy shift could come next week as we learn more about the new “Dual Circulation” model.


2. US Treasuries: The initial break higher in treasury yields could go further given the numerous bullish macro divergences, expensive valuations, and lopsided sentiment/positioning.


3. US Dollar: Despite the possibility of a short-term rally (given sentiment, technicals, positioning, seasonality), remain bearish medium-term given valuations, fundamentals, policy, politics.


4. Global ex-US vs US Equities: Remain bullish medium-term global ex-US vs US given the substantial and widespread valuation discount, long-term cycles, capital market assumptions, and USD outlook.

5. Frontier Markets: Remain bullish FM equities given the strategic outlook, valuations, technicals, and FX.



>> Zoom Calls are scheduled to go through this report on Tuesday 8am London time and Monday 4pm New York time - get in touch for details to register.

To request a copy of the full report and charts, or to subscribe to our services, or to request a free trial for your firm, simply fill in the form here.

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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