Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. Also be sure to check out the 2018 End of Year Special Edition to see some of our best calls of last year and charts to watch for the year ahead.
This week we covered the following topics/ideas:
1. Global PMI Pulse: A series of PMI charts show what arguably amount to green shoots, and support a view that the outlook may not be as bad as the global manufacturing PMI is making it out to seem.
2. US CMI & HY Credit: Some of the previous red lights for credit are now arguable more yellow/amber lights, but there are a few smouldering embers in credit that need to be closely monitored.
3. US Cyclicals vs Defensives: US Cyclicals vs Defensives are starting to wake-up after a brief slumber.
4. AEJ Equities: Stay the course on AEJ equities as price/valuation/macro/policy picture remains solid.
5. MLPs & Energy Stocks: Following an extended period of lacklustre performance, energy stocks and MLPs remain compelling value, and exposed to possible further upside in crude.
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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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