Weekly Macro Themes - 28 November 2025
Key highlights from the latest report...
Hi there,
Here's the topics I covered in my latest Weekly Macro Themes report:
1. Treasuries: Remain bullish treasuries given cheap valuations, consensus bearish sentiment, cycle-lows in investor allocations, but monitoring technicals/macro for catalysts (and inflation on the risk side).
2. EM Fixed Income: Remain bullish EM sovereign bonds given cheap valuations, improving sentiment, strong technicals, policy support, and a favorable financial conditions backdrop.
3. EM Equities: Remain bullish bigger picture on EM equities given strong longer-term picture, monetary tailwinds, valuations, allocations, but On-Watch given the recent deterioration in technicals.
4. LatAm Equities: With improving technicals, cheap valuations, monetary tailwinds, it otherwise looks good, but risk pricing looks too complacent given imminent geopolitical risks.
5. Defensives: Remain constructive on defensives given extreme cheap relative value, record low investor allocations, and another tentative tick-up in the technicals.
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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/
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