Weekly Macro Themes - 27 November 2021
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.
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