THE CAPITAL OBSERVER

December 2016

Previous Issues

April  2018

March  2018

Contents

04 / Post Trump’s election, the financial markets may not deliver what investors expect – look for another disappointment in linear thinking.

14 / Dollar: Enthusiasm for Trump’s planned policies are positive for the USD but implementation may prove more negative.

18 /Oil: What to expect after OPEC’s decision to cut production?

16 / MJT Insight

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USD medium term positioning, Dollar Index, EUR/USD, USDJPY

10 / MJT Insight

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Timing US equity markets into 2017

20 / MJT Insight

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Oil and Oil sector perspectives following OPEC

22 / Gold: Since July Gold has been under pressure with the current risk on trend, but could that change?

23 / MJT Insight

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GOLD in USD and EUR

The positive reaction of US equities, driven by banks and cyclicals, and the US Dollar to US Presidential elect Trump’s shock victory at the expense of Treasuries, reflects increased market expectations of a reflationary US policy stance (increased infrastructure, tax reforms and reduced regulations) over the medium-term. However, key posts for Trump’s administration have not yet been announced and the mediumterm policy outlook is clouded, so the initially favourable US market response to latest developments may prove premature.

Felix Martin

25 / Splicing the markets - An intermarket perspective

July 2017 - Available !