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Weekly Macro Themes - 11 November 2022

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Weekly Macro Themes - 11 November 2022

Inflation, Credit Spreads Outlook, US Dollar Directions, Asian Equities, EM ex-Asia

Callum Thomas
Nov 13, 2022
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Weekly Macro Themes - 11 November 2022

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Weekly Macro Themes - 11 November 2022 - Volume 7, Edition 36

Weekly Macro Themes V7e36 11112022
5.13MB ∙ PDF File
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Click the link above to download the report.

Topics & Takeaways


1. Inflation:
  Globally inflation remains high but peaking on some metrics; economic downdrafts likely drive disinflation in 2023, but still way too early to talk monetary easing (by the Fed).  


2. Credit:
  Tighter bank lending standards, tighter financial conditions, and weakening economic outlook all suggest caution on credit.


3. US Dollar:
  Bearish US dollar given expensive valuations, overcrowded sentiment/positioning, and anticipated progressive removal of the previous powerful pillars of support.


4. AEJ Equities:
  The value story is falling into place for Asian equities, but the macro/cycle aspects are not playing along yet; also waiting/watching for more compelling China catalysts.


5. EM ex-Asia Equities:
  Also seeing a solid value setup for Emerging ex-Asia, but not enough to favour one over the other; rather = important evidence as part of the emerging picture for EM equities in general.

Please reach out to clarify, or if I can help with anything.

Have a great weekend!

Best regards, 

Callum Thomas

Head of Research | Topdown Charts Limited | www.topdowncharts.com

Mobile: (+64) 22 378 1552 | LinkedIn: https://www.linkedin.com/company/topdown-charts

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Weekly Macro Themes - 11 November 2022

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