Themes:

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04/ Executive Summary

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06/ Mapping the Markets

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12 / The midterm results are in, and it’s a gridlock -- what does it mean for the financial markets?

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15 / Timing and Tactical Insight - Equities rally post election, and the Dollar remains strong post the FED – How long before the defensive shift resumes ?

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23 / Trump, the Federal Reserve and interest rates after the midterm elections: no pause for the Fed; the housing market will become progressively grimmer

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26 / Timing and Tactical Insight - A hawkish FED, yet limited alternatives other than Treasuries when risk assets correct

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33 / Commodities outperformance over equities: it has started, it is pausing and will likely accelerate again mid Q1 2019

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37 / Timing and Tactical Insight - Expect one last retest down on Commodities, probably towards mid/late Q1 2019

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46 / China's growth and trade woes will bring down the Emerging Markets with it; USD-dominated assets should continue outperforming the RoW

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49 / Timing and Tactical Insight - Exploring the links between China, Emerging Markets and Commodity Producers

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55 / Splicing the markets - What’s happened to defensive currency trades?