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Weekly Macro Themes - 28 January 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. Stocks vs Bonds: We've developed an interesting set of charts covering relative value, positioning, sentiment, momentum, mean reversion, and leading indicators. We see a major shift in prospects ahead for the stock/bond ratio.


2. Treasuries: A review of all the key indicators (valuations/sentiment/technicals/macro) and lay out how a window appears to be open for now and closing later.


3. Value vs Growth: All the conditions seem to be in place for a major turning point in value vs growth, and this is exactly what we are witnessing globally (so far mostly led by “cyclical value”), check out our fascinating set of charts.


4. Global Banks: Banking sector equities are gaining ground as bond yields tick higher, and technicals line up with a compelling relative valuations starting point.


5. Energy: A review of the outlook for crude oil prices, and as a result the outlook for energy sector equities based on value/sentiment/thematics, as well as a glimpse at the shifting prospects for renewables vs fossils.



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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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