Weekly Macro Themes - 31 July 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. Global Policy Pulse: Expect continued monetary easing, but less so on a marginal/incremental basis.
2. DM Housing Market Valuations: One unintended consequence of the historic global monetary easing could be a further inflating of already expensive housing market valuations across developed economies.
3. Asset Class Valuations: Defensive assets continue to trade at historically high valuations, particularly relative to risk assets (calling into question their defensiveness, and tilting the odds over the longer term).
4. CMA Update: As dramatic as the uplift was back in March, equally dramatic has been the subsequent squeezing of expected returns; leaving investors with obvious if uncomfortable decisions.
5. EM Fixed Income: While credit risk pricing has normalized and sentiment has rebounded, EM sovereign appears to offer solid relative value vs their developed market peers.
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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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