Here's the topics/ideas covered in the latest Weekly Macro Themes report [click for latest]. This report is aimed at professional investors, and covers a mix of macro/ideas/risks, across a global macro/multi-asset universe…
This week I covered the following topics:
1. EM Fixed Income: Remain bullish on EM sovereign bonds given cheap valuations, positive sentiment & technicals, and monetary tailwinds (but mindful of complacent risk pricing).
2. Value vs Growth: US value vs growth has reached new all-time lows as further extremes in valuation drive large relative value gaps; the global picture is not much better (but reiterates the sector factor).
3. Agri Commodities: Continue to track credible upside risk in agri commodity prices given technicals, capex, intermarket signals, light positioning, and upside case for grains in particular.
4. Frontier Markets: FM equities are no longer a deep value play given significant valuation re-rating (now expensive on some measures), and technicals have shown topping signs; so back to neutral.
5. LatAm Equities: Despite compelling cheap valuations and monetary tailwinds, switch to neutral for now as a window of technical/macro/geopolitical risk comes to a head.
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Thanks and best regards,
Callum Thomas
Founder & Head of Research at Topdown Charts
LinkedIn: https://www.linkedin.com/in/callum-thomas-4990063/
Twitter: https://twitter.com/Callum_Thomas
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