Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report [click for latest]. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk topics, across a global macro/multi-asset universe…
This week I covered the following topics/ideas:
1. Policy Pulse: The global policy pivot is becoming messier as a handful of banks continue to hike rates, a couple unpivot back to hikes, and an increasing number scramble toward rate cuts.
2. US Dollar: Remain bearish medium/longer-term on expensive valuations, peaking yield support, longer-term cycles, and fiscal/monetary policy possibilities, but short-term likely ranging for longer.
3. GSV vs ULG: While Global/Small/Value has a clear and compelling relative value edge vs US/Large/Growth, a bottom or turning point in GSV vs ULG remains elusive.
4. Defensive Equities: Defensive equities remain an attractively priced and interesting + neglected hedge/diversifier, but in the immediate term bearish relative price momentum is clear and relentless.
5. Renewables & Carbon: As ESG skepticism grows amidst some catastrophic performance from renewables and carbon, the value case has improved significantly; contrarians take note.
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The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.
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