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Weekly Macro Themes - 29 June 2018

|Includes: ACWI, iShares Australian Dollar ETF (AUDS), IJS, IJT, NZDS, SLY, SPY
Summary

This week: Yield curve outlook, S&P500 industry valuations, S&P600 PE10 again, NZDUSD + AUDUSD + AUDNZD outlooks.

Here's a brief preview of the topics and charts covered in the latest edition of the Weekly Macro Themes report.

1. Yield Curve: With the US yield curve likely to invert within the next 6-12 months it is a clear sign that we are late in the cycle, but not at the end of the cycle.

*** This topic was covered in the Weekly Best Idea report - click through to activate your 2 week free access pass now (+bonus chart). 

2. S&P500 Value (vs Growth): we take a look at the key trends in valuations across the more than 100 industries of the S&P500, in particular the split of growth vs value.

3. S&P600 PE10 Again: In response to a couple of questions we take another look at the rather lofty valuations seen for the S&P600 (US small cap stocks).

4. NZ Macro: We outline the downside risks for the NZDUSD and show the key charts and indicators for the New Zealand dollar and NZ economy.

5. AUDUSD: Similarly we highlight the key drivers for the Aussie dollar and where the risks/opportuntiies lie, as well as some insight into the AUDNZD.

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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.