Weekly Macro Themes - 8 July 2022
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/Recession Watch: All signs continue to point to a global growth slowdown, with recession in the US likely kicking off in Q3 and intensifying into Q4. As such inflation pressures likely begin to ease.
2. Stocks vs Bonds: Reviewing the outlook for the stock/bond ratio (given our charts and signals on the macro, technicals, sentiment, positioning, relative value).
3. EMFX: Reconciling the valuation picture with the path of policy rate differentials, sentiment, and technicals - with a particular focus on intermarket analysis especially with respect to Asian FX, EM equities, and of course: commodities...
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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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