Themes:

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04/ Executive Summary

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06/ Mapping the markets

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08/ Shrinking the Fed’s balance sheet: it will start in September – the ongoing risk assets correction may extend to the fall leading to an interesting buying opportunity

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11/Timing and Tactical Insight - The reflation trade is still bouncing off and re-testing its retracements lows; the bottoming process could extend into late October / early November. Commodities seemed to have turned the corner and are leading the way intoreflation wave II

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15/ From the Fall, thestage is set for a weakerJapanese Yen andstronger Nikkei – theharbingers of ReflationWave II

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18 / Timing and Tactical Insight - A weaker Yen and a stronger Nikkei will require hedging for currency risk

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23 / Base Metals OutlookReaffirmed: getting longon base metals andChina is optimal in Q32017

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26 / Timing and Tactical Insight - China and base metals are re-accelerating; these trends should continue into H1 2018

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32 /EUR/USD, EU stock markets are hostagesto the inflation data,as the ECB waits forfurther developments

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35/ Timing and Tactical Insight - Strong Euro into October should keep European markets under pressure, following that we would consider them a Buy

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41 / Splicing the markets - Gold: the “canary in the gold mine” for reflation trades