Themes:

 

1/Uptrend for bond yields should persist into year-end, but early Q1 2021 may find the long bond yield falling hard

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2/Emerging Markets: Is it time to pivot back to EM, based on macro and currency factors

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3/Crude oil prices are due for another correction late in the year, but looking at the bigger picture, things are looking up for oil in the years ahead

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4/Precious metal may consolidate a bit more but by early January 2020, gold presents a tremendous buying opportunity

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Splicing the markets - While Cyclicals remain strong, deep value is less convincing