Themes:

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04/ Executive Summary

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06/ Mapping the Markets

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12/  The peak of risk asset prices for 2018 could take place in late July- August period

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16/ Timing and Tactical Insight - UP and OUT, one a last rally on equities into the 2nd half of July, use it to take profit and reduce your risk

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23/ The US Congressional Budget Office Forecasts Growth Recession In Late 2018, Then GDP Falls Further In 2019, Bottoms In 2020

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25/ Timing and Tactical Insight - As the economy starts to decelerate, Treasuries, Defensive sectors and Gold should outperform equities, probably into 2019/2020

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32 / CNY devaluation: China got what it wants, and dealt The Donald a stunning riposte; Mr. Xi will not use the devaluation route any further as weapon in the trade spat

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35/ Timing and Tactical Insight - Chinese equities and the Yuan may find support towards mid Summer, yet their reflationary momentum is broken, further downside is expected towards year-end and early 2019

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41/The US Dollar pulls back at a resurgence of financial risk appetite in July, but the ongoing uptrend continues thereafter

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44/ Timing and Tactical Insight - The first leg up in the US Dollar is probably not finished yet

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50/ Splicing the markets - What do to with your favorite Growth stocks ?