LC Investment Playbook Weekly Update

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.
• US CPI - Shelter is the pain point.
• Fed near term forward spread.

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Fixed Income Highlights

• A review of US and EU long term rates and credit.
• Bonds relatively more attractive than stocks.
• US Bond futures- Market positioning.
• European Credit – GFC type scenario priced in.

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Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets.
• Mention of recession in calls highest in 10 years.
• Negative earnings revision ratios a red flag.
• Hedge funds are short long-only managers.
• US equities are resuming their sell-off.

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Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.
• Tight Oil Supply Is Key To Price Support.
• GBP slumps to 37-year low.

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