Themes:

​

04/ Executive Summary

​

06/ Mapping the Markets

​

12/  Systemic Monetary Liquidity: A Top-Down Look To Understand Where We Came  From, Where We're  Going

​

16/ Timing and Tactical Insight - Into the last stages of the Equity Bull market 

​

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

​

28/ Timing and Tactical Insight - The US Dollar is torn between residual late cycle inflation pressures in the US and an early deceleration tail-wind from Europe

​

36 / The yield curve universe is changing – shifting inflation expectations is prime mover for those changes 

​

41/ Timing and Tactical Insight - Yield curve flattening should accelerate in H2 2018

​

46/ Geopolitics faded out and oil fundamentals are back in the forefront, but the June 22 OPEC meeting could throw a Crude Oil curve ball

​

49/ Timing and Tactical Insight - As the business cycle matures, we expect one last push up for Oil into the Summer

​

51/ Splicing the markets - Emerging markets – Asia should hold its ground