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 put 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 PMI Pulse: On the PMI prognosis, it’s a case of steady (yet uneven) as she goes, with a few key standouts such as trade orders, backlogs/prices, and emerging markets.
2. AUDUSD: Remain neutral AUDUSD short-term given cross-currents and mixed signals, but carry a bullish bias over the medium-term given valuations and positive outlook on China/EM/global.
3. Australian Fixed Income: The mixed but improving macro backdrop is supportive for Australian corporate credit, meanwhile government bonds look unattractive despite QE tailwinds.
4. Australian Equities: Upgrade Australian equities from neutral to overweight medium-term.
5. Global Listed Infrastructure: Maintain bullish view on global listed infrastructure given supportive relative value, bullish technicals, and later prospective normalization tailwinds.
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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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