Here's a brief preview of the topics and charts covered in the latest edition of the Weekly Macro Themes report.
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1. Global Economic Breadth: We take a look at some unique indicators on global growth, bringing in exports, industrial production, corporate earnings, and economic sentiment to gauge the state of play and the interaction with market positionng.
2. US Cyclicals vs Defensives: Cyclicals relative performance looks stretched vs defensives, and given market cap drift and leadership this poses risks to the broader S&P500. Check out these must-see charts that will define the coming risks and opportunities.
3. US Small Caps: There's a lot going on with small caps, and very few reliable resources in the space, but we shed some light on the key issues - of course with some innovative charts that will change your perspective on the outlook for small caps.
4. China Property + USDCNY: Devaluation risks are elevated for the USDCNY (trade war/politics, softer economic outlook, and policy rate differentials), see the charts that make it clear why...
5. Global Bond Expected Returns (part 2): Bringing in FX adjustments to the real-governance-adjusted expected return for government bonds further changes the picture across countries/regions. (this is part of a series on expected returns)
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is 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. Also part of the service is the monthly Chartbook which contains the key charts and views across asset classes with a tactical/dynamic positioning model.
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