Weekly Macro Strategy – Bond Bulls Are Doubling Down Again – December 9, 2022


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Weekly Macro Strategy – Bond Bulls Are Doubling Down Again – December 9, 2022
 · Weekly Macro Strategy · 

The risk-on phase will persist in the near run, aided by a decline in headline inflation and the pause in the cyclical uptrend in DM government bond yields.



 

Roundtable – 2023 Outlook For Emerging Market Investing – (60min:00sec) – December 7, 2022
Webcasts, Webinars & Roundtables · 

Today’s Roundtable featured Mehran Nakhjavani and Amr Abdel Khalek discussing MRB’s views for economic growth and asset markets in the emerging markets, covering the following topics:



 

Emerging Market Equities – 2023 Outlook: A Sedate Recovery In Growth – November 23, 2022
 · Emerging Markets · Equities · 

The current parlous state of earnings expectations in the EM world vindicates the steady underperformance of stock prices over the past year.



 

Weekly Macro Strategy – A Soggy U.S. Dollar Helps – November 18, 2022
 · Weekly Macro Strategy · 

The risk-on phase should persist in the near run, with the caveat being that government bond markets stay calm;



 

Absolute Return Strategy – Playing The Interest Rate Dominoes – November 10, 2022
Absolute Return ·  · 

Today’s MRB Absolute Return Strategy revisits our theme of toppling dominoes in response to interest rate normalization and provides a series of investment strategy recommendations.



 

Webcast – Possible Year-End Rally, But No Turn In The Investment Cycle – (11min:31sec) – November 9, 2022
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation.



 

Asset Allocation Strategy – Late Cycle Dynamics – November 4, 2022
 · Asset Allocation · 

The Fed wrong-footed investors this week, with Chair Powell’s hawkish press conference comments overwhelming the more moderate policy statement.



 

Emerging Markets Fixed Income – EM Local Debt Will Trump Dollar Debt – October 27, 2022
 · Emerging Markets · Fixed Income · 

Spreads for EM local currency-denominated debt (EMLCD) have come screaming in over the past three months



 

Emerging Markets Foreign Exchange – Can EM Continue To Outperform DM (ex-U.S.)? – October 20, 2022
 · Emerging Markets · Foreign Exchange · 

The U.S. dollar is king. To be fair, this has been the case only for the fourth time since the early-1970s



 

Absolute Return Strategy – What Could Go Right? – October 19, 2022
Absolute Return ·  · 

This has been a tough year for multi-asset portfolios as all developed market central banks scrambled to adjust from being deeply wrongfooted by the global surge in inflation.



 

Theme – What Could Go Right? – October 19, 2022
 · Themes · 

 Add to Favorite ReportsThis has been a tough year for multi-asset portfolios as all developed market central… Continue



 

Webcast – Markets On Edge – (10min:10sec) – October 12, 2022
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, global strategist Peter Perkins discusses the outlook for capital markets over the next 6-12 months and MRB’s recommended asset allocation positioning.



 

Asset Allocation Strategy – Temporary Reprieve – October 7, 2022
 · Asset Allocation · 

Capital markets are in payback mode after the huge prices gains in 2020-2021 as the earlier liquidity boom unwinds.



 

MRB TradeBook Update – Financial Markets Approach A Critical Juncture – September 30, 2022
Absolute Return · 

 Add to Favorite Reports  



 

Regional Equities – Bond Risks And Regional Positioning – September 29, 2022
 · Equities · 

Equities will continue to face headwinds in the near term, with economic growth slowing even as central banks are determined to push interest rates into restrictive territory.



 

Weekly Macro Strategy – Too Much Momentum – September 16, 2022
 · Weekly Macro Strategy · 

The revival of inflation has ended the era of ever-higher financial asset prices and valuations.



 

Emerging Market Equities – In Search Of Earnings Growth (At A Reasonable Price) – September 15, 2022
 · Emerging Markets · Equities · 

Forward earnings growth is hard to find in the EM world, and is absent from three of its four major bourses



 

Weekly Macro Strategy – Between A Rock And A Hard Place – September 2, 2022
 · Weekly Macro Strategy · 

The Fed will have room to pause its rate-hiking cycle by yearend, as U.S. headline inflation will steadily decelerate and the central bank will eventually want to see how its policy has impacted the economy.



 

Weekly Macro Strategy – Don’t Use The 2010s As A Roadmap – August 26, 2022
 · Weekly Macro Strategy · 

We expect the risk-on phase to persist, as easing inflation pressures and mixed economic prospects allow central banks to (temporarily) tone down their hawkish rhetoric this autumn.



 

Weekly Macro Strategy – Payback Versus Catching Up – August 12, 2022
 · Weekly Macro Strategy · 

As expected, U.S. inflation has rolled over and will decelerate in the coming months, which will boost the prospects for extending the global economic expansion.



 

Webcast – Why The Consensus Is Repeatedly Wrongfooted – (13min:54sec) – August 10, 2022
Webcasts, Webinars & Roundtables · 

In this week’s Webcast Phillip Colmar addresses a core difference in what is a fundamental building block between MRB’s view and the consensus.



 

Webcast – How Much Help Will Economic Stabilizers Provide? – (11min:53sec) – August 9, 2022
Webcasts, Webinars & Roundtables · 

In this week’s Webcast, global strategist Peter Perkins discusses the key drives of the capital market outlook for the next 6-12 months and MRB’s recommended asset allocation.



 

Asset Allocation Strategy – Self-Correcting Supports Kicking In – August 5, 2022
 · Asset Allocation · 

The global economy faces several challenges, but we reiterate that an economic recession is neither imminent nor inevitable, although growth will likely slow further in the near term.



 

Theme – Differing From The Consensus – July 28, 2022
 · Themes · 

The global economy is currently facing many simultaneous headwinds from higher inflation, monetary “tightening”



 

Absolute Return Strategy – Differing From The Consensus – July 28, 2022
Absolute Return ·  · 

The global economy is currently facing many simultaneous headwinds from higher inflation, monetary “tightening”



 

Weekly Macro Strategy – Tactical Versus Cyclical – July 22, 2022
 · Weekly Macro Strategy · 

The ingredients needed to pause the risk-off environment are gelling, namely: a consolidation in government bond yields, weaker energy/commodity prices, and an easing in measured inflation expectations.



 

Theme – Path To Recession: Timing Is Everything – July 21, 2022
 · Themes · 

The consensus has solidified on an expectation of a pending recession in the U.S. and global economy.



 

Weekly Macro Strategy – A Stop-Start Economic World – July 15, 2022
 · Weekly Macro Strategy · 

Recession fears are overstated, as employment conditions and corporate profitability remain in good shape in most developed market (DM) economies.



 

Emerging Markets Foreign Exchange – Finding Shelter From The Dollar’s Chokehold – July 13, 2022
 · Emerging Markets · 

The dominance of the U.S. dollar has become so pervasive in EM currency markets that allocations to EM offer very little diversification in a global currency portfolio



 

Equities – How Vulnerable Are Corporate Earnings? – July 12, 2022
 · Equities · 

After de-rating dramatically in the first-half of this year, many investors fear that a significant decline in corporate profits looms, signaling much more pain ahead for stock prices.