Weekly Macro Themes - Remain bullish EM equities on strengthening technicals

This week I covered the following topics:

1. Global Growth Pulse: Soft data slumped in April from already waning levels, but the global hard data pulse is on an improving trend (following the lead set by bullish leading indicators).

2. Ups & Downs: There is almost a precise balance of downside and upside risks on the list, it serves as a good reminder about not getting too carried away on the bull or bear side.

3. Commodities: Remain bullish given promising technicals (and flows/sentiment/positioning), cheap valuations, light capex, and mixed-to-positive demand outlook (with scope for upside).

4. Emerging Markets: Remain bullish EM equities on strengthening technicals, reset in sentiment/flows, cheap valuations, and light allocations by investors (+turning point in relative performance).

5. GSV vs ULG: The relative value gap between Global/Small/Value (GSV) and US/Large/Growth (ULG) remains near record low (cheap) levels, and GSV is cheap in absolute terms.

For whom haven't open CBA can know more from below:

🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!

Find out more here：
Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
💰CBA Mini Course 1: What is Cash Boost Account(CBA)?

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Global Growth Pulse: </strong>Soft data slumped in April from already waning levels, but the global hard data pulse is on an improving trend (following the lead set by bullish leading indicators).</p><p style=\"text-align: start;\"><strong>2. Ups &amp; Downs: </strong>There is almost a precise balance of downside and upside risks on the list, it serves as a good reminder about not getting too carried away on the bull or bear side.</p><p style=\"text-align: start;\"><strong>3. Commodities: </strong>Remain bullish given promising technicals (and flows/sentiment/positioning), cheap valuations, light capex, and mixed-to-positive demand outlook (with scope for upside).</p><p style=\"text-align: start;\"><strong>4. Emerging Markets: </strong>Remain bullish EM equities on strengthening technicals, reset in sentiment/flows, cheap valuations, and light allocations by investors (+turning point in relative performance).</p><p style=\"text-align: start;\"><strong>5. GSV vs ULG: </strong>The relative value gap between Global/Small/Value (GSV) and US/Large/Growth (ULG) remains near record low (cheap) levels, and GSV is cheap in absolute terms.</p><h3 id=\"id_1132117495\">For whom haven't open CBA can know more from below:</h3><p>🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!</p><blockquote><p>Find out more here：</p><ul style=\"\"><li><p><strong>Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.</strong></p></li><li><p><a href=\"https://ttm.financial/TW/367769452580952\" title=\"💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉\" class=\"\">💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉</a></p></li><li><p><a href=\"https://ttm.financial/TW/413454436958416\" title=\"💰CBA Mini Course 1: What is Cash Boost Account(CBA)?\" class=\"\">💰CBA Mini Course 1: What is Cash Boost Account(CBA)?</a></p></li></ul></blockquote><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/381b104429792cae7f67dc1120e2458d\" tg-width=\"1080\" tg-height=\"1080\"></p><p></p></body></html>","htmlText":"<html><head></head><body><p>This week I covered the following topics:</p><p style=\"text-align: start;\"><strong>1. Global Growth Pulse: </strong>Soft data slumped in April from already waning levels, but the global hard data pulse is on an improving trend (following the lead set by bullish leading indicators).</p><p style=\"text-align: start;\"><strong>2. Ups &amp; Downs: </strong>There is almost a precise balance of downside and upside risks on the list, it serves as a good reminder about not getting too carried away on the bull or bear side.</p><p style=\"text-align: start;\"><strong>3. Commodities: </strong>Remain bullish given promising technicals (and flows/sentiment/positioning), cheap valuations, light capex, and mixed-to-positive demand outlook (with scope for upside).</p><p style=\"text-align: start;\"><strong>4. Emerging Markets: </strong>Remain bullish EM equities on strengthening technicals, reset in sentiment/flows, cheap valuations, and light allocations by investors (+turning point in relative performance).</p><p style=\"text-align: start;\"><strong>5. GSV vs ULG: </strong>The relative value gap between Global/Small/Value (GSV) and US/Large/Growth (ULG) remains near record low (cheap) levels, and GSV is cheap in absolute terms.</p><h3 id=\"id_1132117495\">For whom haven't open CBA can know more from below:</h3><p>🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!</p><blockquote><p>Find out more here：</p><ul style=\"\"><li><p><strong>Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.</strong></p></li><li><p><a href=\"https://ttm.financial/TW/367769452580952\" title=\"💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉\" class=\"\">💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉</a></p></li><li><p><a href=\"https://ttm.financial/TW/413454436958416\" title=\"💰CBA Mini Course 1: What is Cash Boost Account(CBA)?\" class=\"\">💰CBA Mini Course 1: What is Cash Boost Account(CBA)?</a></p></li></ul></blockquote><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/381b104429792cae7f67dc1120e2458d\" tg-width=\"1080\" tg-height=\"1080\"></p><p></p></body></html>","text":"This week I covered the following topics: 1. Global Growth Pulse: Soft data slumped in April from already waning levels, but the global hard data pulse is on an improving trend (following the lead set by bullish leading indicators). 2. Ups & Downs: There is almost a precise balance of downside and upside risks on the list, it serves as a good reminder about not getting too carried away on the bull or bear side. 3. Commodities: Remain bullish given promising technicals (and flows/sentiment/positioning), cheap valuations, light capex, and mixed-to-positive demand outlook (with scope for upside). 4. Emerging Markets: Remain bullish EM equities on strengthening technicals, reset in sentiment/flows, cheap valuations, and light allocations by investors (+turning point in relative performance). 5. GSV vs ULG: The relative value gap between Global/Small/Value (GSV) and US/Large/Growth (ULG) remains near record low (cheap) levels, and GSV is cheap in absolute terms. For whom haven't open CBA can know more from below: 🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly! 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