Themes:

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04/ Executive Summary

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06 / Mapping the markets

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08/ So, the Fed will startreducing its balance sheetin October - what does thatmean, and what happensnext? 

 

11/ Timing and Tactical Insight - Equity markets are looking strong towards 2018, yet following the nice September bounce/extension, we would advocate prudence again as we move into October

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18/ The monetary world is tightening quickly –all that change will becemented by a Fed ratehike in December

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20/Timing and Tactical Insight - Reflationary assets may re-test down in October, but should re-accelerate upwards towards year-end

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26/ Gold is an assetgoverned by macro data– news flow may pushgold to adopt safe havenroles, but in the end it isthe “anti-Dollar”

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28/Timing and Tactical Insight - One last push from Gold and Defensive assets could provide an ultimate exit opportunity

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35 /Oil is performingstrongly, leading thereflation trade, howeverproduct prices areweakening, could thatlead to some temporaryconsolidation?

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39/Timing and Tactical Insight - Oil should retrace during October before it resumes its uptrend towards year-end

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45 / Splicing the markets - Secular rotations between Cyclicals, Growth and Defensives in the US equity markets