Here's an overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (one of the key reports of our institutional research service). To receive a copy just click through to contact us or request a trial.
This week we covered the following topics/ideas:
1. Macro Clippings: The data pulse is more or less disastrous (as you would expect), but markets are opting to look-through as the “stimulus vs social distancing” tension remains in play.
2. Crude Oil: The breaking of the lower limits of price for WTI could well result in the breaking of future upper limits in price as already anaemic energy capex comes under further pressure.
3. TIPS & Commodities: Commodities and commodity-linked asset valuations are extremely cheap.
4. What PE? Apply caution in reading equity valuation signals; prefer the PE10 in this type of situation.
5. EM Fixed Income: Within the EM fixed income space we see extreme pessimistic sentiment overall, pockets of value in credit risk pricing and EMFX, and material relative value vs developed markets.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is part of 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 market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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