Themes:

​

04/ Executive Summary

​

06/ Mapping the Markets

​

12 / U.S.-China trade: a cease-fire ends a battle, but the war is not over yet, by any means

​

15 / Timing and Tactical Insight - Trade Talks - Truces are meant to be broken

​

23 / Update On Systemic Monetary Liquidity: problematical Q4 2018 and early 2019 but after that it could be interesting consider risk assets again

​

27 / Timing and Tactical Insight - As Liquidity contracts, Credit markets are showing signs of weakness

​

34 / The Fed walks back on it aggressive monetary policy stance: December hike is on, but 2019 may see much slower tightening pace

​

38 / Timing and Tactical Insight - The Yield curve is still flattening, the scope is limited, yet it may still extend lower into mid Q1

​

45 / The ECB has delivered the goods, but will start taking them back soon; monetary policy as a tool in dealing with growing populism in the Eurozone

​

48 / Timing and Tactical Insight - Too many risks still looming over Europe

​

56 / Splicing the markets - Oil Falling like a knife, don’t try to catch it for now