Weekly Macro Themes - 25 June 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. Macro Clippings: A check in on global consumer confidence trends, economic leading indicators, and an update to the global monetary policy pivot theme.
2. Global Shipping: We document how global trade volumes have recovered, the impact on shipping costs, trends in shipping sector capex/profitability, and tactical indicators for shipping sector stocks.
3. Emerging Markets: Reviewing the strategic outlook as sentiment/positioning resets.
4. EM ex-Asia: We continue to advocate applying some nuance in EM equity allocations by looking at EM ex-Asia vs emerging Asia.
5. EM Fixed Income: An update on EM sovereign bond yields, credit risk pricing, EMFX, and investor sentiment towards this 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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