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Weekly Macro Themes - 5 June 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. Macro Market Musings:  Despite poor PMIs, there is a distinctive risk-on tone permeating across some key macro barometer markets (global cyclicals, industrial metals, and govt bond yields).  

2. US vs Global ex-US:  Reiterate bull case for global ex-US vs US equities given the compelling valuation case, long term expected return differentials, and political/regulatory tail risk.

3. Commodities:  Reiterate high conviction medium-term bullish view on commodities (on valuation, weak capex, strong technicals and sentiment, and base case on the macro outlook).

4. EM ex-Asia:  EM ex-Asia equities are trading at a discount to history and to EM Asia, are under-allocated, and have relative performance mean reversion and bullish commodity tailwinds.

5. Frontier Markets:  Aside from boasting the highest expected returns of the major equity expected return benchmarks, Frontier market equities enjoy cheap valuations and bullish technicals.

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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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