Watch Series

We have closed a position. Read which and P&L below

We have closed a position. Read which and P&L below

Market positioning is finally aligning with the trends highlighted in the past weeks, and commodity positioning is now almost outright bullish for cyclical metals, while cyclical equities are moving. Read how markets are positioned here.

Commodities have broken out of recent price ranges left, right and center over the past 1-2 weeks and we have timed the entries well. Read along to find our top-picks in Commodity space right now.

We sum up a yuge week ahead in this brief and chart-heavy update on the big central banks. Where’s the value to be found in rates space this week?

With a break-out from ranges in Copper, Silver and Oil, we look for clues as to whether the Chinese buying is behind the sudden emerging optimism in the commodity space.

Hints of a BoJ hike in as early as March sent Nikkei 225 down, while China-proxies like Hang Seng and South Korea were bid. Will a move from BoJ wreak havoc with market positioning?

Was the sudden reacceleration in the owners equivalent of rent a one-off? This is the KEY question ahead of a report that brings soft food prices, soft car prices, soft goods prices and hot energy prices.

Signs of a cyclical re-acceleration

Equities continue to thrive given upbeat liquidity and growth conditions, while Fixed Income and commodities have provided more of a lackluster return, but are the unpopular bets returning in positioning data?

The Aussie bet has not really played out the way we wanted, and we were stopped out earlier today.

Focus on OPEC’s continued production cuts into a story of bouncing growth which sets up a tasty story for crude and maybe also natural gas! Read why here!

Despite inflation not dropping to the extent our models had suggested, the ECB has still been dovishly surprised relative to its base case. Will the ECB prepare for cuts at the meeting this week?

Disinflation is simply not happening as fast as anticipated by our models, but base effects remain very benign in coming months. The stickiness in services is eye-catching, but there is light at the end of the tunnel for the ECB.

Commodities positioning have remained fairly silent over the past few weeks, but we are seeing early signs of appetite for cyclical commodities now. Early innings of a cyclical rebound or just noise?