Weekly Macro Themes - 5 February 2021
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (the flagship report of our institutional research service). I send this report out weekly 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 Banks: Remain bullish global banks as valuations remain very attractive, technicals begin to improve, and the macro outlook gradually becomes more favorable.
2. Eurozone Equities: Remain constructive on European equities given relative value and forward looking indicators (and policy); on watch for prospective breakout from multi-year trading range.
3. Commodities: Remain bullish commodities, despite crowded positioning, given valuations, linkages to normalization, macro/policy tailwinds, weak capex, and developments in the longer-term technicals.
4. Global Listed Infrastructure: Given the shift in technicals and valuations since when coverage was initiated it makes sense to temper the view from bullish to neutral for now.
5. Energy Stocks (+MLPs): Remain bullish energy stocks as the outlook for crude oil prices picks up, multiple bullish contrarian signals sound, and improving macro outlook + technicals underpin the case.
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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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