LC Investment Playbook Weekly Update

Macro Highlights

• A review of the current environment and market expectations across US, Europe, UK, China and India.
• G4 Central Banks - Liquidity pullback at rapid pace.
• Euro Rates Volatility Above GFC Highs.
• US Job Openings Plummet In August.

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Fixed Income Highlights

• A review of US and EU long term rates and credit.
• Avoid HY as Default Rates Are Likely to Soar.
• Bank Earnings Likely to be Challenged.

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Equity Highlights

• A review of the current environment and outlook of US, Europe, China and India equity markets.
• Not Time to be Bullish on Equities Yet.
• EPS Growth Estimates Have Hardly Moved.
• Equities Are Still Expensive (Another POV).
• Bonds are still more attractive than Equities.
• China stocks valuations hit record lows.
• S&P 500 Q3 earnings expectations.

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Forex, Commodities & Alternatives

• A review of commodity and FX pricing and rates.
• Dollar to Remain Strong With Hawkish Fed.
• Oil Prices Could Struggle In a Recession.

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