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March 2021
Issue #51, 22nd March
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Themes:
1/Bonds’ and equities’ big picture: bond yields should peak soon, now that the SLR issue has been resolved; equities may switch back to positive covariance with yields
2/China’s CNY will weaken sharply very soon, as the high valuation of the domestic currency starts to bite into exports. This May Hobble The Ongoing Commodity Bull Phase
3/Gold may have a few weeks of price appreciation, and some weakness thereafter; massive US debt issuance should continue to support gold price longer term
4/The commodities “supercycle” gets set to ignite base metals take-off as super-abundant global liquidity is put to work on major infrastructure projects; Chinese soybean and corn demand supercharges agriculture prices
Splicing the markets - High Growth themes may stabilize from April
Q1 2021
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Issue #51, 22nd March 2021
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Issue #50, 18th February 2021
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