Weekly Macro Themes - 5 November 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 topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. Covid Trends: We take a look at a couple of concerning developments, but also highlight some real causes for optimism in the pandemic data.
2. PMI Pulse: The global economic recovery broadened out in October, albeit the data out of China showed further downward pressures; a potential risk waiting in the background for the global economy.
3. Inflation vs Deflation: A series of charts and somewhat contrarian thoughts on the tension between inflation vs deflation as we head into 2022.
4. Stocks vs Bonds: By popular demand we begin specific coverage of the stocks vs bonds ratio - examining it from a number of different angles.
5. Funds, Flows, and IPOs: Demand and supply (of avenues/instruments) for speculation has surged; when these animal spirits take hold, there’s no telling how far things can go (nor how fast things can go).
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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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