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Weekly Macro Themes - 9 July 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. US Equity Valuations: A review of US equity market valuations; comparison vs history, vs rest of the world, vs bonds. Charts document a few different metrics.

2. Treasuries: Reviewing the outlook for bond yields given the extreme valuation picture, macro/market divergences, and the more recent developments in sentiment, technicals, and seasonality...

3. Seasonality: An interesting look at defensive vs risk asset relative seasonality, seasonal trends in sentiment/macro, and US Dollar seasonality considerations.

4. Safe Haven FX: We identify just what exactly are the risky vs safe currencies, and outline the technicals, relative valuations, and positioning backdrop.

5. Defensive Value: We document the valuation, positioning, market cap weighting, seasonal trends, and short-term technicals for this very interesting corner of the market.

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>> Zoom Calls are scheduled to go through this report on Monday 4pm New York time and Tuesday 10am London time - get in touch for details to register.

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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