Themes:

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04/ Executive Summary

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06/ Mapping the Markets

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12 / The brewing EM Crisis is a handiwork of the US Dollar; it will get worse, before it gets any better

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17/ Timing and Tactical Insight - Flight to Safety is accelerating

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24 / The signalling effect of oil inventories suggests further support for crude oil and E&P into late summer early autumn

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28/ Timing and Tactical Insight - Last upside retest for Oil, before it follows other risk assets lower

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33 / China’s CNY, and Gold: linked at the hip, and hobbled by the US Dollar’s ascendancy, China’s growth implosion

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35/ Timing and Tactical Insight - Gold is still stuck between a rock and a hard place

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41/ Base metals face headwinds from China’s slowing growth, firm US Dollar trend

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44/ Timing and Tactical Insight - A Chinese hard landing is an increasing probability

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51/ Splicing the markets - This time is probably not that much different