Weekly Macro Themes Report - Global Equities & EM in Focus

This week I covered the following topics/ideas:

1. GSV vs ULG: Bullish global/small/value vs US/large/growth on increasingly extreme cheap relative value (and supportive emerging macro scenario), awaiting turn in technicals to raise conviction.

2. China Equities: Remain bullish given improving macro and cheap absolute +relative valuations, bearish on the bonds though (and hence bullish Chinese stock/bond ratio).

3. EM Equities: Remain bullish EM equities as EM ex-China pulls their weight and EM ex-Asia remains significantly cheap, meanwhile sentiment remains skeptical and allocations well below average.

4. EM Fixed Income: Remain bullish given investor skepticism, turn in technicals, cheap valuations, and favorable policy path (likewise for EMFX), but wary of inflation resurgence risk.

5. Frontier Markets: Bullish frontier market equities given cheap absolute and relative valuations, turn up in technicals, policy pivot to rate cuts, and constructive FMFX outlook.

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.

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KSR
01-25 10:29
KSR
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