Themes:

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04 / Executive Summary

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06/ Mapping the Markets

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12 / Timing the Late Cycle Stage: growth in risk asset prices likely until late Q2-early Q3 2018

 

17/ Timing and Tactical Insight - Late stage asset rotation may suggest one last push up for reflationary assets before they top out this Summer

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25/ The widening Libor-OIS spread: it is not as benign as perceived

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26/ Timing and Tactical Insight - Is the widening of LIBOR-OIS spread already affecting the pricing of Banks and of listed Credit instruments?

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35 /The outlook from Systemic Liquidity Models: looking for a major trough during the second half of April 2018, followed by the next phase of the bull market

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38/ Timing and Tactical Insight - The reflation trade will see one more rally, probably between late April and June

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44 /Gold set for one more rally to a new high, but will likely come under extreme pressure later in the year when the US Dollar takes of

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47/ Timing and Tactical Insight - Gold should break-out to the upside, before it retraces down on USD strength in H2 2018

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52/Splicing the markets - Focus on the Energy sector in light of the strong uptrend in Oil