Weekly Macro Themes - January 2026
Key highlights from the latest report...
Hi there,
Here's the topics I covered in my latest Weekly Macro Themes report:
1. US Dollar: Remain bearish medium/longer-term given expensive valuations, fading yield support, longer-term technicals, but wary of short-term upsides (sentiment, positioning, seasonality, technicals).
2. EM Equities: Remain bullish emerging market equities given supportive valuations, monetary tailwinds, improving earnings outlook, light allocations, and strong technicals.
3. China Equities: Remain bullish Chinese stocks given strong technicals, supportive valuations, improving sentiment, and mild but gathering macro/monetary tailwinds.
4. Commodities: Remain bullish commodities given cheap valuations, supply tailwinds, improving macro-fundamentals, light allocations, skeptical sentiment, strong technicals.
5. Commodity Equities: Remain bullish given strong technicals, bullish outlook for commodity prices, wary of rising valuations (especially precious metal stocks); but clear scope for upside.
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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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