Key Points:
Majority of global markets back in an Uptrend, but would like to see the proportion rise to 70%+ for more confidence.
Global indices ( Total World, Nasdaq, EFA, EEM, CSI 300 ) have all bounced, but are still just in the middle of two-month ranges.
For the time being, focus on stocks that are part of broader working themes ( we used groups with outsized proportion of stocks within 5-10% of highs to determine working themes ), including:
Global utilities, segments of software in developed markets, payments/fintech globally, U.S. aerospace and defense, U.S./Europe med-tech, APAC real estate development, emerging market banks, emerging market telecoms, and China financials, food/food services, and medical services. Areas of consistent weakness include global autos/parts and steel, and developed market banks.
Actionable names from these themes include E-Health (
), Fleetcor Technologies (
), Haemonetics (
), Microsoft (
), Workday (
), Wright Medical (
); Carl Zeiss Meditec (AFXX.DE; AFX GR), Givaudan (GIVN.CH; GIVN CH), Haidilao Intl Holdings (HAIN.HK; 6862 HK), Sika (SIKA.CH; SIKA SW), Worldline (WLN.FR; WLN FP); B3 Brasil Bolsa Balcao (BMF.BR, B3SA3 BZ), Bank Central Asia (BCA.ID; BBCJ IJ), Bata India (BIN.IN, BATA IN), Hindustan Unilever (HDL.IN; HUVR IN), Lojas Renner (LE3.BR; LREN3 BZ), Muangtahi Leasing (MUTH.TH; MTC TB), Varun Beverages (VB1.IN; VBL IN); Aeir Eye Hospital (AEH.CN; 300015 CH), Inner Mongolia Yili Indl. Gp. (MNG.CN; 600887 CH), Jiangsu Expressway (JEX.CN; 600377 CH), Topchoice Medical Investment (ZTI.CN; 600763 CH).
