Weekly Macro Themes Report (preview) - Growth, Inflation, Fixed Income, Energy
Key highlights from the latest report...
Here's the topics & takeaways from my latest Weekly Macro Themes report:
1. Global Growth: the weight of evidence points to ongoing global growth reacceleration in 2026 (this is supportive for risk assets, and tilts to a bullish bias for stocks).
2. Inflation Risk: expect higher inflation globally given starting point of higher than average inflation, stronger global growth, elevated inflation expectations, tight capacity, and rising commodity prices.
3. Treasuries: retain a bullish bias given cheap valuations, very light positioning/allocations, consensus bearish sentiment, but still waiting for macro/technical confirmation (not yet; mostly downside risk for bonds).
4. EM Bonds: remain bullish given cheap valuations, favorable technicals and sentiment, bullish EMFX outlook, but wary of inflation risk and potential for EM central bank pivots back to rate hikes.
5. Energy: cautious but constructive on energy stocks given relative value, light positioning and investor skepticism, and promising potential use as a hedge against higher-for-longer energy prices.
>>> NEW: I’ve just added a new page which covers the Track Record of specific ideas/views from the Weekly Macro Themes report — [Click to View]
This will be helpful for those considering a subscription in assessing the quality/accuracy of the views and analysis published in the reports.
n.b. The above highlights serve as a preview of the main weekly report from our institutional investment research service, subscribe to access the full report (+all the charts and analysis that underpin these comments) AND gain access to the archive of previous reports (+Quarterly Strategy briefings and Q&A).
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Best wishes,
Callum Thomas
Founder & Head of Research at Topdown Charts
LinkedIn: https://www.linkedin.com/in/callum-thomas-4990063/
Twitter/X: https://twitter.com/Callum_Thomas
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See last week’s report preview for a sense of what other topics have been covered…
See also by Topdown Charts…
Check out the latest Weekly S&P500 ChartStorm for a chart-driven update on the market outlook:
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