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Issue #20, 7th August 2018
Themes:
04/ Executive Summary
06/ Mapping the Markets
12/ No, it’s not different this time – when liquidity flows recede, risk assets get into trouble; when liquidity flows rise, risk assets perk-up and rise along
15/ Timing and Tactical Insight - Weighting up the building blocks of a defensive strategy
28/ Timing and Tactical Insight - Rather than a shift towards Value, we believe that the recent weakness in the Nasdaq is a Defensive warning
35 / The US Dollar, trade spats, China: it may not end well short-term for commodities, but there should be a firm relief at some point in September 2018
39/ Timing and Tactical Insight - The current sell-off in commodities may find some support towards September, yet overall, commodities probably remain under pressure into H1 next year at least
46/Why does the US yield curve continue to flatten? Taking the cue from Global Quantitative Tightening, and the collapsing US bond term premium
49/ Timing and Tactical Insight - More Flattening to come on the US yield curve, possibly inversion by year-end
57/ Splicing the markets - Is the US Dollar risk-on or risk-off?
the team
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