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Weekly Macro Themes - 30 June 2017

Here's a brief preview of the topics and charts covered in the latest edition of the Weekly Macro Themes report.
To read more and see the charts just get in touch! (see link below, or subscribe link above)
1. China PMI and Global Trade: A quick run down on the China PMI, global trade stats, and a look at how it all ties into the global growth outlook and the implications for (bond) markets.
2. Hikes and High yield Hijinks: We check out the charts of 6 different credit spread drivers. The analysis shows some divergences to watch out for, as well as an interesting relationship on the economic front.
3. VIX drivers: The VIX has diverged to the downside vs all the key drivers we monitor, this along with the sentiment readings would suggest an elevated probability of a VIX spike.
4. AUDNZD - battle of the antipodes: Based on long-term cycles, relative housing market outlooks, and our set of indicators the AUDNZD looks mispriced at current levels.
5. PE10 and 10: The PE10 provides a useful guide to longer term expected returns, this analysis shows how/if it works across developed and emerging economies, and which regions have the best longer term prospective equity market returns.
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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. 
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