Weekly Macro Themes - 22 August 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:
1. Global Growth/Inflation: We’re seeing more and more signs of the global growth reacceleration and inflation resurgence theme coming online; this will present risks + opportunities across global markets.
2. Commodities: Remain bullish commodities given cheap valuations, supply and demand(structural + cyclical) tailwinds, constructive technicals, and scope for upside in sentiment and positioning.
3. China Macro: Cautiously optimistic on the macro outlook heading into 2026, but for now the long downturn in property persists (-20% on average across 4 years); ample scope remains for stimulus.
4. China Equities: Remain bullish Chinese stocks as technicals improve significantly, domestic investor sentiment lifts, and cheap valuations indicate ample room to run as a new bull market kicks-off.
5. Emerging Markets: Remain bullish EM equities as improving technicals follow on from a big sentiment reset, cheap valuations, long-term cycles, and still very low allocations by investors.
n.b. This is a preview of the main weekly report from our institutional investment research service, subscribe to access the full report (+all the charts and analysis that underpin these comments) AND gain access to the archive of previous reports +the full stack of reports (including the Monthly, Quarterly packs, global markets intel updates, and webinars + Q&A calls).
Gain instant access — click the link above to Subscribe Now.
If you’re not sure about signing up for a full subscription just yet, you can take a trial.
Corporate and Institutional
If you’re part of a fund manager/institution you may request a longer trial period and due diligence documents or other onboarding assistance — simply Contact Us.
Otherwise, you can easily and simply self-onboard with the standard payment and subscription options (select either a single user or group subscription as relevant):
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 July Monthly Pack:
About the Topdown Charts Professional Service
Topdown Charts Professional is for portfolio managers, investment advisers, and serious investors who require high-quality in-depth asset allocation insights to help manage risk, make better decisions, and stay informed.
Our goal is to make your job easier. We seek to simplify a complex and fast changing world into clear, concise, actionable insights so you can spend less time trawling through reports, and more time on the main thing.
These insights and ideas are conveyed with precision, clarity, and efficiency in our chart-focused reports. The suite of reports provides a comprehensive set of resources to equip you to make investment decisions with confidence.
Click the button above to view sample reports, compare service level options, and learn more about the service + terms.
NEW: Services by Topdown Charts
Topdown Charts Professional —[institutional service]
Topdown Charts Entry-Level — [entry-level service]
Weekly S&P 500 ChartStorm — [US Equities in focus]
Monthly Gold Market Pack — [Gold market charts]
Australian Market Valuation Book — [Aussie markets]