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Topdown Charts is a chart-driven macro research house covering global asset allocation and economics. ​ 

Topdown Charts covers multiple economies, markets, and asset classes with a distinct chart-driven focus to bring valuable insights to investors, portfolio managers, and finance professionals. The perspective is that of an investor, and the multi-asset scope lends itself to both asset allocators and asset class specific portfolio managers. 

The flagship product of the Topdown Charts institutional service is the "Weekly Macro Themes"​ - a must read weekly publication that covers key issues in global macroeconomics and asset allocation. The Weekly Macro Themes will give you investment ideas, present you with numerous useful charts that you can use in your work, provoke thought and debate, and cover the key issues as well as some more obscure topics and indicators.​

 

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Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 17 Aug 2018

This week the 5 topics are:  1. Deflation Risk:  We look at a series of unique indicators on reflation trade positioning, risk-on/risk-off, commodities, and the prospects of deflation risk.  2. Emerging Market Equities:  We outline the key short term and long term drivers to arrive at a conclusion that EM Equities face long term gain, but short term pain.  3. Flows and Allocations:  US investor sentiment and allocations have been little shaken through the correction, but that could change as U...

08/19/18 August 19, 2018 22 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 10 Aug 2018

The 5 topics this week are:    1. Global Cyclicals vs Defensives:  Cyclicals vs defensives remain on-watch as a risk to global equities should a bearish rotation take hold, and particularly so in the US.  We show with charts how the situation is unfolding and what investors should be paying attention to.  2. US Credit Conditions:  US credit conditions continue to improve, providing a supportive funding backdrop for growth.  See how this ties into the outlook for US HY credit.  3. US Investmen...

08/10/18 August 10, 2018 22 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 3 Aug 2018

**In this week's edition I walk through a few ideas and themes I discussed with clients and investors on a recent trip.  1. USDCNY: The path of least resistance for the USDCNY is higher - find out why we think this.   2. US Dollar Index: The case for USD strength in H2 is compelling based on the charts and indicators we monitor as well as the key macro themes we've highlighted.  3. Emerging Markets: EM face elevated near-term macro downside risks based on a couple of key macro themes, our cha...

08/05/18 August 5, 2018 17 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 27 July 2018

This week we cover the following 5 topics: 1. Global Trade & Earnings: We check out the very latest data and key trends at a global level in trade volume growth and corporate earnings momentum.2. Global Property Price Trends: The softening trend in global property price growth needs to be monitored closely given the interrelations with key markets. Check out the key charts.3. The CANZ Economies: With overvalued housing markets, high household leverage, and property price growth rolling over, the...

07/27/18 July 27, 2018 21 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 20 July 2018

This week it's commodities in focus...  1. Commodities: In aggregate the risks are to the downside for commodities as key levels are breached and the prospects of a stronger USD and global growth scare mount.  2. Copper: Copper could fall another 15% from here based on our charts and analysis.  3. Crude Oil: We look at the risk/reward outlook for WTI crude oil prices with regards to futures positioning, the US dollar, the supply/demand balance, and seasonality. We also check in on the energy ...

07/20/18 July 20, 2018 21 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 17 Aug 2018

This week the 5 topics are:  1. Deflation Risk:  We look at a series of unique indicators on reflation trade positioning, risk-on/risk-off, commodities, and the prospects of deflation risk.  2. Emerging Market Equities:  We outline the key short term and long term drivers to arrive at a conclusion that EM Equities face long term gain, but short term pain.  3. Flows and Allocations:  US investor sentiment and allocations have been little shaken through the correction, but that could change as U...

08/19/18 August 19, 2018 22 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 10 Aug 2018

The 5 topics this week are:    1. Global Cyclicals vs Defensives:  Cyclicals vs defensives remain on-watch as a risk to global equities should a bearish rotation take hold, and particularly so in the US.  We show with charts how the situation is unfolding and what investors should be paying attention to.  2. US Credit Conditions:  US credit conditions continue to improve, providing a supportive funding backdrop for growth.  See how this ties into the outlook for US HY credit.  3. US Investmen...

08/10/18 August 10, 2018 22 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 3 Aug 2018

**In this week's edition I walk through a few ideas and themes I discussed with clients and investors on a recent trip.  1. USDCNY: The path of least resistance for the USDCNY is higher - find out why we think this.   2. US Dollar Index: The case for USD strength in H2 is compelling based on the charts and indicators we monitor as well as the key macro themes we've highlighted.  3. Emerging Markets: EM face elevated near-term macro downside risks based on a couple of key macro themes, our cha...

08/05/18 August 5, 2018 17 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 27 July 2018

This week we cover the following 5 topics: 1. Global Trade & Earnings: We check out the very latest data and key trends at a global level in trade volume growth and corporate earnings momentum.2. Global Property Price Trends: The softening trend in global property price growth needs to be monitored closely given the interrelations with key markets. Check out the key charts.3. The CANZ Economies: With overvalued housing markets, high household leverage, and property price growth rolling over, the...

07/27/18 July 27, 2018 21 EN
Callum Thomas
  • Callum Thomas
EUR 234.15

Weekly Macro Themes - 20 July 2018

This week it's commodities in focus...  1. Commodities: In aggregate the risks are to the downside for commodities as key levels are breached and the prospects of a stronger USD and global growth scare mount.  2. Copper: Copper could fall another 15% from here based on our charts and analysis.  3. Crude Oil: We look at the risk/reward outlook for WTI crude oil prices with regards to futures positioning, the US dollar, the supply/demand balance, and seasonality. We also check in on the energy ...

07/20/18 July 20, 2018 21 EN
Callum Thomas
  • Callum Thomas
EUR 174.00

Weekly Macro Themes - 3 Feb 2017 - Commodities Special

​This week it's a commodity special!1. Asset class level view of commodities: An index level view of several indicators including implied volatility, futures positioning, market breadth, and correlation with GDP growth and the implications for the outlook.2. Crude oil: The outlook for crude oil prices based on volatility compression, seasonality, option pricing, speculative futures activity, and the changing supply and demand dynamics.3. Gold: Balancing the short-term signals from key technica...

02/02/17 February 2, 2017 9 EN
Callum Thomas
  • Callum Thomas
EUR 231.76

Weekly Macro Themes: Credit growth, VIX, volatility, bonds, and EM ris...

​Here's a brief preview of the topics and charts covered in the latest edition of the Weekly Macro Themes report.1. US Credit Growth: These charts show an impending rebound in credit growth in the US, which is an important dynamic given the labour market is running at full capacity.2. The VIX, risk, and volatility: A look at some single factor VIX models points to a generally lower level of the VIX but then even by these metrics it looks low. We note how low volatility doesn't always mean low ...

05/12/17 May 12, 2017 9 EN

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