Weekly Macro Themes - 25 September 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. US Treasuries: Multiple macro indicators point to higher bond yields; and the sentiment, valuation, and technicals picture is consistent with that… but the Fed may have the last word on this issue.
2. EM Equities: Remain bullish medium-term on EM equities, and cautious short-term.
3. EMFX: Similarly, remain optimistic on EMFX on a medium/longer-term horizon, but wary of the weak technicals picture short-term. [as a sub-topic, remain bullish EM ex-Asia equities (and FX)].
4. REITs: Remain neutral on REITs following the rebound but multiple uncertainties remain, and risks look increasingly skewed to the downside (particularly wrt underlying commercial real estate prices).
5. Eurozone Equities: Remain constructive on European equities on relative value, stimulus, technicals
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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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