Weekly Macro Themes Report: Global Policy Pivot, Bond Yield Outlook, KOSPI Tail Risk, China Upside, Energy Stocks
Key highlights from the latest report...
Here's the topics & takeaways from the latest Weekly Macro Themes report:
1. Inflation & Policy: inflation is rising and at risk of heading higher yet, thus central bankers are already pivoting to rate hikes; at the margin policy is becoming less supportive for risk assets.
2. Treasuries: wary of increasing headwinds and downside risks for bonds, but lack of a clear breakdown (yet) + cheap valuations and consensus bearishness means its still a (low-conviction) bullish bias.
3. Korea: Korean equities are at-risk following a near-vertical run (extreme expensive valuations and crowded positioning), particularly as policy is about to pivot to rate hikes.
4. China: remain bullish Chinese stocks given cheap relative value, lingering investor skepticism, and mixed but still bullish technicals (stay the course, but keep an eye on some momentarily weak spots).
5. Energy Stocks: remain bullish on energy stocks (relative value, investor skepticism), but particularly as a hedge against higher-for-longer energy prices (and inflation risk).
n.b. The above highlights provide a preview of the core weekly report from our institutional investment research service, upgrade to paid to access the full report (with over 40 charts, clear conclusions, specific catalysts/risks).
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