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.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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