Themes:

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04 / Executive Summary

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05 / Mapping the markets

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07/ «Reflation Trades» are still on pause mode, Donald Trump get bogged down in the “swamp,” and the Fed stumped by falling CPI. Will the Fed tighten in June? From what we think, probably, but it will be the last time for 2017.

 

10/Timing and Tactical Insight - Heavy rotation taking place suggests that the reflation trade is still pausing and better risk reward levels are still to be found at a later time

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20/ Crude Oil: the supply overhang still hurting oil prices, but rapid inventory draw and new OPEC output agreement may push WTI back to $55.

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23/Timing and Tactical Insight - Oil’s volatile correction continues to midyear, early Summer

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27/ Is the Brazilian Real signaling that the EM renaissance is about to face headwinds?

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30/Timing and Tactical Insight - Emerging Markets – Prepare to switch back to China and commodity producers

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34/ China: Q1 2017 activity issues are transitory -- look for rising growth into at least Q1 2018, as recent fiscal stimulus takes effect

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37/Timing and Tactical Insight - Chinese Equities could outperform during H2 2017

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41 / Splicing the markets - the parabolic acceleration of Bitcoin prices