Insights

We are now back in the "worry window"

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1. From Tariff Capitulation to Good News is Good News
2. US Dollar- the Importance of being Tactical
3. Bond market tug-of-war
4. Brazilian Equities Near Term Stretched

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After Tariff Capitulation, Economic Data Now Front & Centre

If Happiness = Outcome – Expectations
..then equities are in a better mood

Dissecting the Trade War Impact:
US Auto Case Study

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1. Stocks discounting further tightening in US HY Credit?
2. EFA - The easy vol reset has ben done
3. USD-Asia On the move I
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Real Rates Still Matter - A lot for the S&P490

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1. JPXN -Near Term Overextended
2. US Consumer Discretionary - Model Momentum Waning
3. Viva Brazil! Just not at these levels

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Macro Risk and Gold:
What the data tells us

1. Where next for King Dollar?
2. Macro Risk & Gold
3. Dollar weakness = Room forTech to outperform Discretionary

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1. The Trump Discount - EURUSD
2. SPY sensitivity to Dollar& 5s30s hitting extremes
3. What's priced? Global government

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1. Trump Pivot coincides with Credit Impulse Extremes
2. S&P500– Past Peak Uncertainty but Path Still Choppy
3. MDAX Value from Recent Chaos