Weekly Macro Themes (preview) - 8 Dec 2023
Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report [click for latest]. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk topics, across a global macro/multi-asset universe…
This week I covered the following topics/ideas:
1. Macro Outlook 2024: Despite weak confidence and pockets of economic weakness, the US (global) economy avoided recession in 2023 (thanks: capex/housing/labor), but don’t get complacent on 2024. $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $DJIA(.DJI)$
2. Gold: Promising technicals, reset in sentiment/flows/positioning, fundamental support (falling yields and USD), but exercising skepticism for now (show me the breakout) given the entrenched trading range. $Gold - main 2402(GCmain)$
3. EM ex-Asia: Looking within Emerging Market Equities, relative (and absolute) valuations favor EM ex-Asia (vs EM Asia), and Chinese equities (vs EM ex-China).
4. LatAm Equities: Latin American equities (Brazil, Chile, Colombia, Mexico, Peru) are trading at extremely cheap valuations, and have seen a turn in monetary policy (to rate cuts) and turn up in technicals.
5. Renewables & Carbon: Renewable energy stocks look good given improving technicals and cheap valuations. Carbon prices however may well see further downside as investors lose interest.
https://www.topdowncharts.pro/p/weekly-macro-themes-preview-8-dec
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
