Weekly Macro Themes - 25 March 2022
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. EM Equities: Review of the ratings for EM equities given the shifts in technicals, sentiment, valuations, and importantly: monetary policy/financial conditions.
2. Frontier Markets: FM equity technicals remain a picture of weakness, some improvement in valuations (especially FM FX), but not enough to move the dial, especially in the face of clear bearish momentum.
3. US Value vs Growth: Fairly mixed signals short-term but some promising snippets and very interesting chart, longer-term picture intact.
4. US Small vs Large: Small caps have been a long range trade, but things are shaping up, we review the key indicators for small vs large.
5. Global Value & Small Caps: Global equities have largely echoed the trends seen in US small vs large and value vs growth; interestingly global small value is starting to trend up vs global large growth.
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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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