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. China property slowdown: We are keeping a close eye on a couple of "killer charts" in the Chinese property market space - the world's most important property market...
2. Why see YC: The yield curve is a well established economic indicator in America, and at a global level breadth measures produce some interesting signals applicable for global equity timing decisions. Se our innovative take on using the 2s 10s yield curve.
3. UK equities: With valuations above average, negative economic noise, and fading financial conditions tailwinds, the outlook for UK equities seems to justify the crowded underweights.
4. New Zealand equities: New Zealand equities are extremely overvalued (along with an overvalued property market) and a bearish bias seems increasingly justified. This makes political risk all the more important as a potential turning point nears.
5. Boring bearishness: I'm seeing more bearish signals such as Cyclicals stretched vs defensives, small caps looking vulnerable, and the VIX trading to "too low" levels. See the charts and signals.
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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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