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Weekly Macro Themes - 29 November 2019

November 30, 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. China PMI: The official PMIs rebounded in November, with broad-based improvement. 

2. Global Earnings Pulse:  The pessimistic tone in consensus forward earnings is a positive contrarian signal, and the reset in earnings expectations means the market is well primed to upside surprises.

3. US Credit Spreads:  A number of risk indicators for credit suggest caution, but are largely consistent with the softer growth pulse (that said: prefer equities to credit given risk/reward asymmetries). 

4. Japanese Equities (and Yen):  Japanese equities are starting to decouple from the JPY again, and given a combination of factors we actually could see stronger performance from both.

5. Country Governance Ratings:  The composite governance ratings help explain some of the differences across countries (and especially EM vs DM) in expected equity market returns and the level of nominal bond yields.




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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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