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. Property: Continuing to monitor emerging weakness and downside risks in US housing as valuations remain elevated and past tailwinds turn to headwinds.
2. REITs: Overall neutral/mixed picture; progress on commercial property, cheap valuations vs equities but neutral vs history, and still steep pessimism by investors; could get bullish but needs a catalyst.
3. Japan: Remain bullish Japanese stocks given cheap valuations (vs history, peers, rates, GDP model), lingering skepticism (e.g. light allocations), and improving fundamentals.
4. Small Caps: Bullish US small caps given cheap valuations, improving technicals +earnings revisions momentum, and still heavy skepticism (including extreme bearish flows & positioning).
5. Banking Stocks: Global banking stocks have seen a major improvement in technicals and yet still trade on cheap/reasonable valuations; overall it supports the bullish global equities and global vs US outlook.
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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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