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Weekly Macro Themes - 9 August 2019

August 9, 2019

Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. To receive a copy just click through to contact us or request a trial.


This week we covered the following topics/ideas:


1. OECD Leading Indicators:  A new wave of easing by EM central banks should reinforce the nascent recovery in EM leading indicators, meanwhile DM leading indicators continue to worsen.  

2. US Treasuries:  US 10-year treasuries are overbought and overvalued.

3. Japan Equities:  Japanese equities are trading on attractive valuations, and sentiment is clearly bearish (good for contrarians), yet the strengthening Yen is a complicating factor.

4. Crude Oil (+NatGas):  Short-term the odds of a bounce in oil prices look decent, but further out supply growth, softer demand growth, and 2-way geopolitical risk add uncertainty.

5. NZ Equities:  Lower yields have pushed NZ equities to extreme expensive absolute valuations.





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About the Weekly Macro Themes report

The "Weekly Macro Themes" is 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 Chartbook which contains the key charts and views across asset classes with a tactical/dynamic positioning model.



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