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Weekly Macro Themes - 6 July 2018

|Includes: iShares MSCI ACWI ETF (ACWI), COPX, FXE, JJCTF, SPY, TIP, VGK, VT
Summary

Global inflation trends, global equities - buying time? copper & metals, Eurozone macro & EURUSD, European small caps.

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

1. Global Inflation Trends: We look at a couple of innovative charts on the inflation outlook and inflation sentiment, and conclude that it’s too early to forget about upside risks to inflation.

2. Global Equities Buying Time? We look at the movement in our valuation charts, along with the radical shift in market breadth, and how that lines up with the fundamentals view. We also look at how the rollover in cyclical vs defensive stocks impacts on the view.

*** This topic was included in the Weekly Best Idea service - click through for your free access pass to see the report...

3. Copper & Metals: A tactical outlook on the copper price, with a look at technicals, intermarkets, macro, and how it ties in with our previous view on metals.

4. Eurozone Macro & EURUSD: A survey of the macro outlook for Europe, how it is interacting with the risk outlook, and the implications for the medium term view on the Euro.

5. European Small Caps: At the request of a client we took a look at European small caps, studying the valuation, earnings, and relative performance aspects.

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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.