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Weekly Macro Themes - 4 June 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 management topics, across a global macro/multi-asset universe.

This week I covered the following topics/ideas:


1. Global PMI Pulse: Using the May round of timely data, we take stock of inflationary pressures, the pace and breadth of the recovery, and implications for fixed income.

2. Global Tax Watch: Some very interesting charts showing the longer term trend in effective tax rates for global equities, and where to next.


3. Crude Oil: We look at the tactical setup in crude as the oil price breaks out, we also look at the longer term supply & demand dynamics. Must see charts for oil watchers!


4. Energy Stocks: Reviewing our recommendation on US energy stocks given how things have moved and the oil price outlook. Also touch on MLPs and oil vs gold ratio.


5. NZ Equities: Close to home (we're based in New Zealand) we outline some of the similarities NZ equities share with US equities.



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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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