LC Investment Playbook Weekly Update

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.
• Global growth just 1.7% in 2023.
• Tight liquidity in US markets..
• US Labour market-Weakening but still strong..
• US Inflation- Path ahead ..

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Fixed Income Highlights

• A review of US and EU long term rates and credit.
• Bond investing finally making sense.
• Yield Curve Inversion indicating recession.
• Decline in Yields already pricing a recession.
• China RE $Bonds rebounding amid supports

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Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets.
• U.S. Equity: Still in Bear market.
• 2023 EPS estimates are overly optimistic.
• U.S. Equities: 2023 may not be that bad.

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Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.
• Real Estate: More pain for private valuations.
• CNY Recovers after China reopening.

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