Weekly Macro Themes - 18 April 2025
Key highlights from the latest report...
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/ideas:
1. China: China’s economy is at a macro inflection point following a multi-year downturn; expect stimulus, cyclical improvement, and priced-for-imperfection Chinese stocks to perform better than most expect.
2. Defensives: Remain bullish defensive stocks on a relative basis, given valuations, positioning, technicals (and hence by implication also cautious on US equities).
3. LatAm: Remain bullish given extreme cheap valuations, light allocations by global investors, cheap FX, strengthening earnings momentum, and supportive policy.
4. Frontier Markets: Cautiously optimistic on Frontier Market equities given the bullish strategic and medium-term case, but on-watch short-term as technicals deteriorate somewhat.
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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
Also, in case you missed it — the March Monthly Pack:
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