Turkey is teetering on the edge of normalization, but the Lira’s stability remains in jeopardy as Erdogan manages a difficult situation, albeit from a reasonably advantageous position.
Portfolio Watch: The last dance?
We have taken the unpopular decision of being net long USD and Oil after a massive sell-off. Read our reasoning below
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Positioning Watch: Prepared for a Short Squeeze?
Last week’s rally was truly remarkable, especially considering the months of hardship that most assets endured prior. Could this be the long-awaited revenge of the longs, with short covering poised to dominate the price action in the days ahead? Dive into our analysis below to find out.
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Portfolio Watch: November Bear Market Rally?
A mixed week for us with duration performing, but our equity spreads have taken a beating along with our 1 naked short. We booked some profits and added further exposure in Fixed income. Read below for our full take on the week and how we see the market in coming weeks
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Positioning Watch: Who blinks first?
These days, everything seems to be in motion, but not all at the same pace of change. Dive into our inaugural Monday edition of Positioning Watch below to discern the disparities
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EM by EM #27 Not a Bazooka, but a Pumpgun
The long awaited stimulus package is here! But it is anything but overwhelming… Read our takeaways here
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Trade Alert: Dipping our toes in Europe
We anticipate that the economic cycle will defy current market expectations in Europe. Read below to see how we place our chips
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Positioning Watch: Shifting Gears without Panic
A volatile week with plenty on the plate for investors. Biden’s push for war funding while Capitol Hill remains in gridlock. How are the bets stacking up? Dive into our weekly positioning watch below to find out
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US Treasury Watch: An opportunity of a decade or still the pain trade?
Treasuries have tumbled as 10- and 30-year yields touched their highest in 16 years. Meanwhile, the US Dollar keeps steaming ahead. Is now a golden opportunity for buying bonds or will supply surmount demand, and can the USD extend its streak of strength?
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5 Things We Watch: BoJ, JPY & CNY, Monetary trends, UST selloff & Biden’s visit in Israel
While tension keeps mounting in the Middle East, we’ve decided to broaden the global macro-horizon. From rising pressures in Japanese policy and the preceding Asian currencies to monetary trends in EUR and USD, and everything in between. We break down this week’s most noteworthy developments.
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Positioning Watch: Seeking Shelter in the Fog of War
In the wake of this tragic situation that is still unfolding, investors are grappling with the need to understand and navigate the turmoil. See our main Positioning takeaways here
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Portfolio Watch: The Art of Resisting Panic
Money is flowing towards safety, but the foundation beneath the market remains solid, with no signs of a downturn yet. In light of the geopolitical events we assess our Portfolio below
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Positioning Watch: Who is caught in the Crossfire?
As we review the events of this eventful week, it unfortunately appears to conclude with a tragic development, as we find ourselves reporting on the potential beginning of yet another conflict.
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Portfolio Watch: No Quarter and No Surrender
The EIA report indicates demand drop, Non-farm payroll signals a soft landing, and we’ve taken a spread trade loss. We’re in challenging waters. How should we position ourselves, and how are we doing? Read our weekly Portfolio review below
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EM by EM #24 Tightening the noose on EM
Oil prices have collapsed in recent days undermining one side of the USD/Oil wreckingball. Good news for EM’s generally? We offer our takeaway below and how we prefer to play it
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Portfolio Watch: The last gasp of a dying man?
We’ve taken a massive WIN in recent weeks, but the markets are precarious here after blood on the street as seasonality shifts. Is there a final surge before the impending collapse?
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EM by EM #23 Playing the least dirty laundry vs the dirtiest
When things seem to be spiraling downwards, trades that capitalize on relative weakness often present favorable risk-to-reward opportunities. We’ve recently entered such a trade ourselves
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Positioning Watch: Higher for longer vs Lower for longer?
The Fed projects higher rates for longer, while oil production cuts persist. How do markets play the “Higher for longer and Lower for longer” ? Read our weekly report below
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Japan Watch: How will Ueda cope with all of the “pauses”?
Ueda has got the situation under control and managed to orchestrate a whole string of positive market developments on the back of his monetary policy mix. There are no major reasons to change course. Steepen the JPY curve slowly, while accommodating the short-end.
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ECB Watch: Damned if you do & doomed if you don’t?
We have argued that risks of a more rapid disinflation in Europe are going under the radar. But as we get poor job opening numbers from the US, how do we assess the growth trajectory of the EZ and how will the ECB likely act?
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Positioning Watch: From Japan with Love
A lot of volatility and plenty of aspects to digest after a red week in markets. But how have positioning and sentiment moved? Read here to for our view
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EM BY EM #15 – Ecuador General Election as a catalyst?
Plenty of bets in LatAm carry trades unwound this week on the back of BoJ YCC tweak. But perhaps the LatAmsphere has a USD winner short term?
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Positioning Watch – The market’s response to another Fed hike
The central bank week is over, and that means it’s time for us to have a look at how Investors and Traders perceived the Fed meeting and how they have adjusted their portfolios in response.
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EM by EM #13 – A sweetspot for Brazilian Equities?
We have been bullish on Brazil for months and got the market and timing right. But what about Brazilian stocks? Could they prove to be a buy here?
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EM by EM #12 – Is the surging Peso a prelude for a longer Mexico bull case?
Many have profited from MXN carry in the first half of 2023. But is there more left to squeeze out or is it running on fumes? We give our take here and assess the structural patterns at play in Mexico in relation to recent performance and the geopolitical climate.
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Portfolio Watch: The Summer Volatility Razor
Volatility has been detrimental to many books this week which too is reflected in some of our positions and it appears that diversification is gaining increased significance given the resurgence of volatility. Traders who are not paying attention here will pay for it involuntarily
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EM BY EM #11 Hangover after the Gold rush?
Gold has enjoyed a revival on the back of inflation and monetary expansion. But what happens when the tailwinds disappear?
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Positioning Watch – Markets are blowing off the recession
Economic data keeps surprising us positively, and markets are starting to believe that a soft landing is the base case. That’s at least what positioning data is telling us.
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Portfolio Watch: A green comeback week
Follow along as we keep you updated on our live portfolio and how we view the world allocation-wise every week!
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EM BY EM #10 2021 in reverse: Will EM Central banks outsmart DM’s once again?
2021 will be remembered as a great policy error year at the FED and the ECB. But other central banks saw the inflation coming. Will they be in front of the curve again in 2023?
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