Weekly Macro Themes - 26 June 2020
Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (one of the key reports of our institutional research service)
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This week we covered the following topics/ideas:
1. US Political Risk – 2020 Elections: A simple cycles analysis on our poll-of-polls shows the prospects for some significant gyration in the polls headed into November; likely also leading to swings in sentiment.
2. Gold/Miners: As gold gears up for a possible major breakout miners look technically attractive. We look at 15 charts on gold and gold miners to gauge the risk/return outlook.
3. US REITS: Although sentiment is improving on REITs/Real Estate, absolute valuations have rebounded back to expensive levels, and multiple uncertainties remain.
4. TIPS: After rebounding from extreme cheap levels, TIPS breakevens look to be in the process of breaking higher with a number of prospective tailwinds in play.
5. EM Equities: Remain comfortable with a bullish medium-longer term view on EM equities given sentiment, policy, and valuations, but the technicals flag short-term downside risk. There are 2 particular charts capturing our attention...
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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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