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. PMI Pulse (+China lockdowns): The global economic expansion appears to be losing momentum, meanwhile pricing pressures are further intensifying. Covid continues to complicate things (e.g. China lockdowns placing pressure on growth and supply chains).
2. Bond Yields and Inflation: We look at the outlook for bond yields, and explore a couple of scenarios: noting that this time is very different from the past couple decades!
3. Global Listed Infrastructure: Remain neutral on global listed infrastructure despite the recent strong run and exposure to energy + defensive sectors, as it's still somewhat of a mixed picture and with a lack of valuation support.
4. REITs: Reviewing all the key charts for REITs from valuation to financials, commercial real estate prices, sectors, and sentiment...
5. SCANNZ Economies (Housing Bubbles): Wary of the risk of echo-crises to 2020 (akin to the European echo-crises to 2008), with particular focus on the rate-sensitive/vulnerable "SCANNZ economies".
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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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