LC Investment Playbook Weekly Update

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.
• A closer look at US CPI - Increased food and shelter costs in August, increased contribution likely to keep CPI prints higher for long

Fixed Income Highlights

• A review of US and EU long term rates and credit
• BCA’s research suggests too early to extend portfolio duration
• US Bond Futures- Market Positioning
• European Credit – GFC type scenario priced in

Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets
• Equities And High Yield At Record Correlation
• Equity Markets Will Track High Yield Spreads
• US Equities: Earnings Will Be Decisive

Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates
• Europe Energy – Russian Gas Contribution
• EU Likely Able Cope without Nord Stream 1
• Tight Oil Supply Is Key To Price Support

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