Weekly Macro Themes - 26 August 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. Global Policy Pulse: Checking in on the state of global monetary policy, key charts to watch and implications for the growth/market outlook.
2. CNY, Asian FX, EMFX: A look at policy divergence, rates outlook, risk indicators for USDCNY and implications for wider EMFX strategy.
3. EM Bonds: Reiterating our previous call on EM sovereign bonds, with a focus on technicals, sentiment, valuations, and the macro drivers.
4. Defensive Value: Given promising technicals and a still sound core thesis, stay the course on this unique defensive asset (especially given growth/market headwinds).
5. Seasonality: This time of the year (Sep-Oct) has historically seen defensive assets outperforming risk assets, with September typically being the worst month for equities.
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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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