Themes:

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04/ Executive Summary

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06/ Mapping the Markets

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08/China's Communist Party Congress provided a strong boost for medium-term outlook in commodities 

 

11/Timing and Tactical Insight - China, the motor for reflation II is still humming

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17/Looking at the historical dynamic of the yield curve, it may be too early for a significant structural  steepening

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20 / Timing and Tactical Insight - The Yield Curve is still flattening, yet a short term bounce may materialise from late November into early 2018

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28/Will the US Dollar strengthen when the Fed reduces its balance sheet? It may not be the case

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31 / Timing and Tactical Insight - The Dollar should retrace down into November

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37/Seasonality in Oil may trigger a short term dip in November but the uptrend reasserts thereafter

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41/ Timing and Tactical Insight - Short term, Oil may Stop and Go, yet is still very positive until late December / January

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46/Splicing the markets - Strong markets with a rotational bias should continue towards H1 2018, yet short term risk/reward still looks extended