Themes:

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04 / Executive Summary

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06/ Mapping the Markets

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12/  Commodities’ allure as diversifier, growth articipation Asset and Inflation Hedge enhanced as the Fed poises to tightens monetary policy even further

 

18/ Timing and Tactical Insight - Commodities may consolidate towards late Q1, they should then re-accelerate up again towards late Q2 / midyear

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24 / EM economies and assets are outperforming, but a US dollar resurgence later in the year may derail MSCI EM$ and EM currencie

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26/Timing and Tactical Insight - Emerging Markets still look strong towards late Q2, yet may underperform until March

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32 / Inventories’ negative seasonality and outlook of large US oil output threaten a pullback in oil and E&P equity prices

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35/Timing and Tactical Insight - The latest Sell-off is probably an initial warning of the end-game to unfold later this year

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41 / Eurozone will keep growth momentum going in 2018 on weaker EUR/ USD, but political risks will become even more elevated

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44/Timing and Tactical Insight - Strong potential, yet will it be fulfilled? Financials still look strong at least

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52/Splicing the markets - Could H1 2018 see the return of the Yen carry trade ?