Weekly Macro Themes Report - The cyclical outlook for China is turning up

This week I covered the following topics/ideas:

1. China Macro: The cyclical outlook for China is turning up as stimulus measures announced last year (and likely more to come) helped earnings revisions, property prices, and PMI data into recovery mode.

2. Commodities: Bullish commodities on improving technicals, intermarkets, sentiment, macro, valuations (albeit waiting to see a breakout of that major trading range).

3. Commodity Equities: Bullish global commodity equities on improving technicals, improved commodity price outlook, supportive valuations, and potential inflation risk hedging aspect.

4. Oil & Energy Stocks: Bullish crude oil price outlook as technicals improve, supply vs demand outlook remains supportive, and Trump 2.0 brings mixed bag with clear upside risk.

5. Agri/Grains: Continue to see upside risk in agri commodity prices (which adds to inflation resurgence risk); grains could be a key swing factor (clear upside case developing).

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
01-21
KSR
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