Weekly Macro Themes - 27 May 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. Fiscal/Tax: Anticipate fiscal policy to be a headwind in developed economies, and expect an (eventual) end to the trend of falling corporate tax rates across global equities. Check out these key charts to watch in the coming years.
2. Small Caps: Reviewing small caps in light of macro headwinds, intermarket divergences, and their strengths/weaknesses.
3. Energy Stocks: Progress check on energy stocks given relative valuations, energy price outlook, earnings trends, and allocations/sentiment.
4. Clean Energy: After a big reset in clean energy sector equities valuations have improved considerably (albeit not quite a pure value-play just yet), this reset should be helpful for longer-term investors in this space.
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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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