Weekly Macro Themes - 8 October 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 management topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. Global Policy Pivot: we share a set of charts that present a fresh perspective on the "tailwinds in transition" - including a surprising look at the move in developed market monetary conditions.
2. Global ex-US vs US Equities: Reviewing the outlook, especially in terms of valuations.
3. Global ex-US – Sector Significance: We dig into a little-understood facet of global equities - the importance of sectors: these insights are non-obvious and likely to play a key role in the risk/return outlook.
4. Dividend Futures: A refresh of our analysis on this obscure market: the previous large valuation gaps have closed up significantly; yet much like the equities, we see better relative value in UK/Europe vs US dividend futures markets.
5. Frontier Markets: this pocket of global equities has been surprising in its performance over the last few months: we review the tactical + strategic outlook.
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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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