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. China PMI: The details of the China PMI show clear weakness and more stimulus is therefore likely, which will probably boost property and base metals.
2. Policy Shadows: The global policy pivot is slowly turning from headwind to tailwind for global equities.
3. Gold: The outlook for gold is slightly improved, but still treat it with benign skepticism until the bull case (i.e. a clear breakout) is proven.
4. Silver: Silver looks somewhat interesting in absolute terms, but relative to gold is not expected to outperform in the current macro environment given the key drivers of relative performance.
5. TIPS Strategy: Though breakevens are closing in on the “cheap” zone, the macro backdrop is not particularly supportive as shown by the indicator set.
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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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