Themes:

​

04/ Executive Summary

​

06/ Mapping the Markets

​

12/ Geopolitics and fundamentals are colliding in the oil price discovery process: which one will win?

​

17/ Timing and Tactical Insight - Oil and Energy should continue higher until mid Summer

​

24/ After 10 Months Of Outperformance, Will Commodities Keep On Outperforming Equities ?

​

27/ Timing and Tactical Insight - As the Equity Bull market is showing signs of exhaustion, some Commodities may continue to outperform

​

33 /What's Up With Core Inflation? Core CPI YoY Will Rise Over The Next 5 To 6 Quarters

​

37/ Timing and Tactical Insight - The current inflation acceleration is very much late cycle. This is not good news for risk-assets

​

44/ Devaluing The CNY: China's Secret Weapon In The "Trade Wars"? Not Really, But An Opportunity Too Juicy To Ignore, Or Waste

​

47/ Timing and Tactical Insight - A rising Dollar should strengthen the Trade Weighted Yuan. In the past, China has devalued to counter this effect.

​

51/ Splicing the markets - A EUR/USD rebound would also offer one last chance to exit Gold