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. Asset Valuation Trends: A novel and unique look at valuation trends when combining stockmarket and property market valuations across developed markets.
2. Global Equity Valuations: We take stock of valuations 20 months on from the covid crash of 2020; specifically focused on absolute valuation trends in equities.
3. Equity Relative Value: Following on, we look at where the relative value opportunities lie.
4. Equity Risk Premium: There is still a modicum of relative value in equities vs bonds, but on a forward-looking or prospective basis the outlook is less optimistic with the ERP anticipated to be negative.
5. Commodity Value: At a headline level commodity valuations have moved to neutral, but looking across a wider universe of commodities, the median valuation looks expensive. This topic utilizes a new valuation method across 46 individual commodities.
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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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